What makes you think the decline is _mainly_ due to this, and not due to other events this year that could plausibly have a significant effect on the value of the dollar?
I'd say the gold price (the OP topic) sudden rise after being very consistent for several decades is mainly due to the recent ending of petrodollar.
Somewhat related is the Turkey-Iran "oil for gold scandal" where gold is being used to bypass the sanction against Iran for oil and gas transactions [1].
When there is no petrodollar arrangement then as this scandal has shown, gold is naturally the most trustworthy "currency" for the oil and gas transaction, easily worth several billions per year for a single country like Turkey.
On the very basic, economic is all about supply and demand, with gold is on higher demand for the lucrative oil and gas transactions, then the demand of the alternative USD is naturally lower compared to during petrodollar era.
teleforce|4 months ago
Somewhat related is the Turkey-Iran "oil for gold scandal" where gold is being used to bypass the sanction against Iran for oil and gas transactions [1].
When there is no petrodollar arrangement then as this scandal has shown, gold is naturally the most trustworthy "currency" for the oil and gas transaction, easily worth several billions per year for a single country like Turkey.
On the very basic, economic is all about supply and demand, with gold is on higher demand for the lucrative oil and gas transactions, then the demand of the alternative USD is naturally lower compared to during petrodollar era.
[1] 2013 corruption scandal in Turkey:
https://en.wikipedia.org/wiki/2013_corruption_scandal_in_Tur...
unknown|4 months ago
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