Gold Gets Stronger

Gold futures rose $2.8, the fourth consecutive day of gains. This was supported by the depreciation of the dollar and the decline of U.S. bond yields.

  • Gold futures were up $2.8, or 0.15%, at $1,830.8 per ounce.
  • Silver was down 22.4 cents, or 0.91%, at $24.318 an ounce.
  • The platinum contracts were up $1.4, or 0.13%, at $1,061.4 per ounce.
  • Palladium fell $55.60, or 2.7%, at $2,022.10 an ounce.

Gold contracts were supported by weak dollar. The DXY index, which measures the dollar’s performance against the six major currencies in a basket of currencies, fell 0.1% to 93.9606, making gold cheaper for holders of other currencies.

The yield on the 10-year U.S. Treasury bond fell to 1.434%, lowering the opportunity cost for investors to hold gold. This is because gold is an asset that does not yield interest.

In addition, concerns about inflation in the U.S. have prompted investors to buy gold as a safe haven.

The producer price index (PPI), a measure of inflation based on producer spending, rose 0.6% in October from the previous month.

The PPI rose 8.6% year-over-year in October, an unprecedented increase since November 2010.

The Spot Market is Open

Wednesday, November 10, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.15
1,826.50
1,827.50
-5.50
-0.30%
1,825.50
1,833.40
Silver
12.15
24.27
24.37
+0.02
0.08%
24.18
24.42
Platinum
12.15
1,051.00
1,061.00
-8.00
-0.85%
1,051.00
1,070.00
Palladium
12.10
1,974.00
2,124.00
+12.00
0.61%
1,961.00
2,130.00
Rhodium
06.00
13,100.00
15,100.00
0.00
0.00%
13,100.00
15,100.00

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