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US Dollar Index Rebounds as Gold and Silver Dips: A Breakdown

The US dollar index on Wednesday noted a price uptick. Robust gains in the stock market drove the USD to climb to a stable new high. However, the USD’s price stability negatively impacted the price of gold and silver. 

Both metals noted a slight descent, stabilizing at $2028 and $22.80 per ounce. 

Also Read: AI Predicts Gold Price for March 2024

USD x Gold Connection: Reason Behind the Sudden Price Tilt

The slight bearish ascent of precious metals like gold and silver is strongly connected with the price swings noted in the USD. 

On Wednesday, the US stock market documented strong headwinds, triggered by Nvidia’s stellar $270 billion revenue report. The green stock market momentum compelled investors to draw a capital outflow from metals to the USD, triggering gold prices to slightly dip. 

According to Kitco, “April gold was last down $4.30 at $2,030.30. March silver…

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