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Gold at Mercy of King Dollar Slumps to Lowest Since March 2021

  • Citigroup and UBS see trough this year before 2023 recovery
  • Greenback’s strength set to continue, says Invesco’s Hooper
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Gold is heading into the second half of the year under increasing pressure, with the dollar more than ever the dominant driver.

The precious metal has already seen a lot of volatility in 2022, rallying to a near record in March after Russia’s invasion of Ukraine, only to lose 18% as the Federal Reserve tightened monetary policy and the US currency soared on the back of rising interest rates, haven demand and recession fears.