Gold and the broader S&P GSCI Precious Metals Index are down year to date as the dollar strengthens on rate-hike expectations. Commodity strategists remain bullish on gold over the long term despite the near-term pressure.
A stronger dollar and higher rate expectations make dollar-priced commodities more expensive for foreign buyers and raise carrying costs, which weighs on commodity prices broadly, including feed-linked markets.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.