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How the Dollar’s Rebound Affected Gold and Other Precious Metals

How the Dollar’s Rebound Affected Gold and Other Precious Metals

A crucial factor that could be behind the loss in precious metals on Wednesday was the rebound in the US dollar. The US Dollar Index, which is depicted by the DXY Currency Index (UUP), increased 0.82% on Wednesday. The rise of the US dollar is often detrimental for precious metals, as they are all dollar-denominated assets.