You only need to look at the KGX (Kitco Gold Index) to see the dramatic effect that a surge in the value of the U.S. dollar had on gold. Currently, spot or physical gold is fixed at $1697.70, which is a $13 decline.
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Gold futures got hammered today as they traded to a low of $1699.40 before recovering off the low and, as of 4 PM EST, is trading at $1713.50. The last time we have seen gold prices this low was in June 2020, roughly nine months ago.
The entire precious metals complex traded higher today, with platinum scoring the largest percentage gain of 1.61%. Platinum futures gained a respectable $19.20 and are currently fixed at $1210.50.