How a strong dollar impacts gold
Gold is priced in dollars, so a stronger dollar makes an ounce cost more in other currencies, which can thin demand from buyers outside the U.S.
In the 298 months since 1980 when the dollar was strengthening, gold compounded −0.6% a year and silver −2.5%, against +8.9% and +6.9% across all months.
The deepest stretch was Dec 1980 to Jul 1985, when gold fell 49.3%.
The record also disagrees: from Aug 2018 to Jun 2020 the dollar strengthened and gold still rose 39.9%.
An explainer from the chart's Learn library. What the record did, not a forecast.
Updated Oct 2026 · record through Oct 2026