{"id":929,"date":"2020-06-24T19:42:00","date_gmt":"2020-06-24T19:42:00","guid":{"rendered":"https:\/\/www.bellvest.ca\/family-wealth-peterborough\/resources\/gold-prices-vs-the-dollar\/"},"modified":"2025-06-25T10:43:41","modified_gmt":"2025-06-25T14:43:41","slug":"gold-prices-vs-the-dollar","status":"publish","type":"resources","link":"https:\/\/www.bellvest.ca\/family-wealth-peterborough\/resources\/gold-prices-vs-the-dollar\/","title":{"rendered":"Gold prices vs the dollar"},"content":{"rendered":"<p style=\"\">This year we have witnessed a breakout in the price of gold, with the spot price finally cracking through an elusive ceiling of $1300\/oz. At the end of June, the spot price hit $1409\/oz, representing a 10% gain. It is important to note that this move is in US dollar terms. In the face of a weakening US dollar, the price of gold converted back to Canadian dollars has risen by only about 6% this year.<\/p>\n<p style=\"\">&nbsp;<\/p>\n<p><!--more--><\/p>\n<p>There are many theories bandied about as to what drives gold prices higher. Inflation, interest rates, equity market risk, are a few drivers. We suspect that the primary driver is the value of the US dollar. When the US dollar strengthens, the price of gold tends to fall, and vice-versa. Taking a look at the correlation between the spot price of gold and the US Dollar Index (DXY \/ The US dollar relative to a basket of major currencies), it has historically been modestly negative. However, it recently touched a multi-year low and is trending toward a very strong negative level.<\/p>\n<div class=\"fl-photo-content fl-photo-img-png\"><img decoding=\"async\" class=\"fl-photo-img wp-image-2164\" src=\"https:\/\/www.bellvest.ca\/wp-content\/uploads\/sites\/30\/2025\/06\/Rolling-Correlation-Gold-vs-DXY-Chart.png\" alt=\"Source: data retrieved from Bloomberg database July 2019\" itemprop=\"image\" srcset=\"https:\/\/www.bellvest.ca\/wp-content\/uploads\/sites\/30\/2025\/06\/Rolling-Correlation-Gold-vs-DXY-Chart.png 792w, https:\/\/www.bellvest.ca\/wp-content\/uploads\/sites\/30\/2025\/06\/Rolling-Correlation-Gold-vs-DXY-Chart-300x167.png 300w, https:\/\/www.bellvest.ca\/wp-content\/uploads\/sites\/30\/2025\/06\/Rolling-Correlation-Gold-vs-DXY-Chart-768x429.png 768w\" sizes=\"(max-width: 792px) 100vw, 792px\" title=\"Rolling Correlation Gold vs DXY Chart\"><\/div>\n<div class=\"fl-photo-caption fl-photo-caption-below\" itemprop=\"caption\">Source: data retrieved from Bloomberg database July 2019<\/div>\n<p>The end result is that Canadian investors looking to add gold exposure to their portfolios should strongly consider looking at gold ETFs that hedge US dollar exposure.<\/p>\n","protected":false},"featured_media":172,"template":"","resources-categories":[20],"resources-type":[7],"class_list":["post-929","resources","type-resources","status-publish","has-post-thumbnail","hentry","resources-categories-wealth-planning","resources-type-blog-post"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.4 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gold prices vs the dollar - Weichel &amp; Associates - Bellwether Family Wealth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bellvest.ca\/family-wealth-peterborough\/resources\/gold-prices-vs-the-dollar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold prices vs the dollar\" \/>\n<meta property=\"og:description\" content=\"This year we have witnessed a breakout in the price of gold, with the spot price finally cracking through an elusive ceiling of $1300\/oz. 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