Gold prices tumbled on Thursday as the dollar climbed higher on safe-haven demand after data showing a bigger than expected increase in U.S. inflation fueled expectations about more aggressive policy tightening by the Federal Reserve at the upcoming policy meeting later this month.
The dollar index rose to a fresh 20-year high of 109.29 before paring some gains. Still, at 108.80, the index remains high up with a gain of nearly 0.8%.
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Market Analysis
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.