In recent trade, gold prices have been under pressure due to a strong rally in the U.S. dollar and ongoing concerns about a flare up in coronavirus cases last week. This has caused much speculation about the future of gold prices, as opposed to other commodities such as uranium, which have seen increased bullish momentum. The spot gold price has been sliding lower since the start of August, with traders and investors worried about the U.S. dollar strengthening and inflation in the U.S. staying strong. As of July 27th, gold was trading at just under $2,000 per ounce. In contrast, the uranium spot prices have been moving up during the last few weeks on the back of increased demand from power utilities; the base price of uranium was estimated to be just over $29.40 per pound on the spot market, with an average spot price of $29.47 in the same time period. This trend may reverse when the U.S. dollar starts to weaken, leading to speculation that the uranium spot prices may also decrease. But there is another factor that should be taken into consideration: the bullish trend in uranium is likely to persist due to the fact that it is essential for nuclear power plants, which are expected to play an increasingly important role in meeting growing global energy demands. Therefore, the current upward trend in uranium spot prices is likely to last for at least a few more weeks, as nuclear power plants continue to drive demand for the fuel. Additionally, long term contracts concluded by some of the top uranium producers are also likely to strengthen the uranium prices in the upcoming months. On the other hand, given the uncertain and tumultuous environment created by the pandemic, it is difficult to accurately predict the overall trend of gold prices. Various factors such as inflation, interest rate, trade wars, and other macroeconomic dynamics are likely to affect the yellow metal’s prices in the medium term. Given the uncertain environment created by the pandemic and the actions of market players, the near-term outlook looks grim for gold, as investors shift from gold-backed investments and favor other commodities such as uranium. However, in the long term, the future of gold prices is likely to depend on U.S. dollar strength, inflation, and global economic recovery.