The international gold market is mainly priced in US dollars, and there is a high degree of reverse linkage between the trend of US dollars and the price of gold. The US dollar is recognized as a hard currency in the world, and the US dollar and gold are international reserve assets. The strong dollar weakened the position of gold as a reserve asset and a hedge function, and its hedging function weakened. On the contrary, the depreciation of the dollar is bound to be accompanied by the stock market downturn, inflation and other factors, and the value-preserving function of gold is once again reflected.