The rise of the dollar means that the dollar has become valuable. Because the intrinsic value of metal remains unchanged, it has a certain value-preserving function, and American commodity futures and stocks are priced in dollars, so each dollar can buy more gold, and relatively speaking, gold will fall in price.

But the most essential thing that determines the futures price is the relationship between supply and demand. Supply and demand decide everything! There are many factors that affect the relationship between supply and demand of futures prices, including macroeconomic factors, interest rate levels, irresistible factors (disasters) and so on.

Gold is a special thing, which has the dual attributes of currency and commodity.

1) Starting from commodity attributes, regardless of other factors, when the dollar rises, gold will fall because it is also denominated in dollars. If the dollar falls, each dollar can only buy less gold, and relatively speaking, gold will increase in price. Generally, this will only happen in a short time. For example, when the dollar depreciates/appreciates sharply, it must be substantial!

2) In terms of monetary attributes, gold can be said to be the king of money. As long as there is a large-scale economic crisis in the world, gold, as the safest currency in the world, will be sought after by investors all over the world immediately. No matter whether the dollar appreciates or depreciates, the price of gold will keep rising.

Bottom line: the price of gold mainly changes with the change of market supply and demand, and the rise and fall of the dollar is only one of the factors that affect its price. Supply and demand affect everything!