The dollar has gold in a chokehold.
While the dollar index is up about 4 percent this month, gold futures are trading down more than 4 percent. Strategists say the next big move for the precious metal is probably lower, unless there's a sharp about-face in the greenback.
"The constant strength in the dollar is continually pressing gold down, and again it's this inverse relationship between the world's supreme paper asset and the world's supreme hard asset. It's hard for gold to rally when the dollar is on such a tear," said Jim Steel, chief commodities analyst at HSBC.