Gold to face headwinds in H2 2022 as dollar continues to dominate

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 more than 15 per cent as the Federal Reserve tightened monetary policy and the US currency soared on the back of rising interest rates, haven demand and recession fears. 
 

One gauge of the greenback hit an all-time high on July 14, and bullion priced in dollars fell to its weakest intraday