Rising US dollar index and easing Trump threats against Iran drive gold and silver prices down
PANews, January 16 – On Friday, both gold and silver prices fell due to a stronger US dollar, following the release of US initial jobless claims data that was weaker than expected. In addition, US President Trump’s softer stance towards Iran also reduced the safe-haven demand for precious metals. Analysts stated that this round of decline is related to the US Dollar Index rising to the 99.49 level, the highest since early December last year. Market observers noted that although gold and silver have recently retreated, safe-haven demand for precious metals continues to be supported by domestic turmoil in Iran and geopolitical risks related to Venezuela and Greenland. These uncertainties keep investors focused on precious metals as risk-hedging assets. Analysts expect that gold and silver prices will remain volatile this week, mainly influenced by fluctuations in the US Dollar Index. Meanwhile, the market is also awaiting a major ruling by the US Supreme Court on a tariff case, which could further impact the price trends of precious metals.
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