Gold Prices Fall For A Fourth Consecutive Week

The price of gold fell today (May 13) and was headed for a fourth consecutive weekly decline as
the U.S. dollar continues to strengthen.

The price of spot gold fell 0.2% to $1,817.39 U.S. per ounce after hitting $1,810.86, its lowest
level since February 7 this year. Bullion has lost over 3% so far this week.

U.S. gold futures dropped 0.5% to $1,816.40 U.S. per ounce.

The decline in gold prices comes as investors flee to the safe haven of the greenback amid
ongoing market volatility.

Last week, the Fed increased its benchmark overnight interest rate by an aggressive half-a-
percentage point, with more increases expected.

Gold's recent slide has wiped out most gains made in an initial rally driven by safe haven
demand amid Russia's invasion of Ukraine, which had pushed prices to near-record levels in
mid-March.