Gold Rises Supported by the Dollar Decline

The gold price rose on Monday morning to the highest level in two months. This was driven by the declining dollar, which gave a boost to the yellow metal.

• Gold futures were up 0.23% to $1,820.95 per ounce.

The dollar, which usually moves inversely to gold, declines in value.

The U.S. dollar index rose 0.1% to 94.308 against the six other currencies in the basket.

• The dollar weakened against the yen, up 0.2% to 113.65 yen.
• The dollar strengthened against the euro to 1.1558 euros.
• The pound was $1.3478 from $1.3425.
• The Australian dollar is 0.74 Australian dollars.
• The New Zealand Dollar is 0.7126 New Zealand Dollar.
• The yuan remained stable at 6.3958 per dollar.

Strong U.S. employment data, with nonfarm payrolls rising by 531,000. In addition, the unemployment rate fell to 4.6% in October.

China’s trade data was released on Sunday and showed that exports rose 27.1% year-on-year in October. Imports rose 20.6% year-on-year. The trade balance is $84.54 billion.

The Spot Market is Open

Monday, November 8, 2021

Metals Updated at	USD Bid/Ask	Ounce Change	Low/High
Gold 13.30	1,817.10 1,818.10	-0.90 -0.05%	1,812.60 1,821.80
Silver 13.30	24.22 24.32	+0.07 0.29%	24.03 24.40
Platinum 13.30	1,041.00 2,134.00	+9.00 0.87%	1,031.00 1,054.00
Palladium 13.30	1,984.00 2,134.00	+17.00 0.86%	1,967.00 2,141.00
Rhodium 06.00	13,500.00 15,500.00	0.00 0.00%	13,500.00 15,500.00

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