Gold prices drop 1.5% as US dollar strengthens
Gold prices saw a pullback while on track for an eighth consecutive monthly gain, dropping 1.5% to $5,150 per ounce as the US dollar got stronger.
This comes after gains over the past year.
Banks still bullish on gold, eyeing $6,300 per ounce
If you're tracking investments or just curious about what's shaking up markets, here's the scoop:
Big banks like J.P. Morgan still expect gold to climb higher—some are eyeing $6,300 as a potential target.
Even with this dip, gold is hanging out near key support levels where long-term buyers usually step in.
What's behind the dip?
The main culprit is the stronger US dollar, which overshadowed worries about tariffs President Trump warned he could impose on countries backing away from trade deals on Monday.
Despite some market drama, steady demand from central banks and ETFs has kept gold on its historic run.