Dollar Weakens, Gold Rises

Gold futures rose yesterday evening (November 8). This was supported by the depreciation of the dollar and signals from many central banks that they will not accelerate interest rate hikes.

  • Gold futures were up $11.2, or 0.62%, at $1,828 per ounce.
  •  Silver futures were up 38.5 cents, or 1.59%, at $24.542 an ounce.
  • The platinum contracts were up $24.2, or 2.34%, at $1,060 per ounce.
  • Palladium was up $50.10, or 2.5%, at $2,077.70 an ounce.

The depreciation of the dollar is a positive factor for the gold price, as it makes gold contracts cheaper for investors holding other currencies.

The movement index of the dollar DXY against the other six major currencies in a basket of currencies fell 0.29% to 94.0503.

Gold futures also received a boost as investor concerns about a rate hike by the Federal Reserve (Fed), the Bank of England (BoE) and the European Central Bank (ECB) eased.

The Fed kept the short-term interest rate at 0.00-0.25% and announced that it will begin to gradually taper the amount of QE by $15billion starting in November.

The BoE is keeping its key rate at 0.1% and there is no tendency so far to raise the interest rate next year.

The Spot Market is Open

Tuesday, November 9, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
13.15
1,826.20
1,827.20
+2.20
0.12%
1,821.40
1,827.80
Silver
13.15
24.41
24.50
-0.03
-0.10%
24.33
24.56
Platinum
13.15
1,050.00
1,060.00
-4.00
-0.38%
1,044.00
1,065.00
Palladium
12.50
1,994.00
2,144.00
-18.00
-0.89%
1,982.00
2,168.00
Rhodium
06.00
13,400.00
15,400.00
0.00
0.00%
13,400.00
15,400.00

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