Inflation Risk Sends Gold Up $16

Gold futures rose last night (November 17) due to the weakening of the dollar. In addition, inflation concerns are growing, which benefits gold.

  • Gold futures were up $16.1, or 0.87%, at $1,870.2 per ounce.
  • Silver futures were up 22.3 cents, or 0.89%, at $25.167 an ounce.
  • The platinum contracts were down $5.4, or 0.5%, at $1,069.1 per ounce.
  • Palladium was up $16.90, or 0.8%, at $2,184.50 an ounce.

Investors are buying gold as a hedge against inflation after the United States released inflation figures that rose to the highest level in more than 30 years.

The Consumer Price Index (CPI), which measures inflation, rose 6.2% year-on-year in October, reaching its highest level since December 1990.

In addition, the weakening of the dollar allows the gold contract, priced in dollars, to be more attractive to investors holding other currencies.

  • The dollar’s movement index DXY against the six other major currencies in a basket of currencies fell 0.09% to 95.8305.
  • The pound strengthened against the US dollar at $1.3484 from $1.3428.
  • The euro fell to $1.1314 from $1.1316.
  • The Australian dollar was lower to $0.7260 from $0.7301.
  • The dollar was lower against the yen to 114.14 yen from 114.69 yen.
  • The dollar weakened against the Swiss franc to 0.9283 francs from 0.9310 francs.
  • The US dollar strengthened against the Canadian dollar at 1.2614 Canadian dollars from 1.2559 Canadian dollars.
  • The baht closed at 32.73 baht per dollar.

The Spot Market is Open

Thursday, November 18, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.20
1,865.40
1,866.40
-1,90
-0.10%
1,864.10
1,872.00
Silver
12.20
24.98
25.08
-0.07
-0.28%
24.88
25.23
Platinum
12.20
1,057.00
1,067.00
+1.00
0.09%
1,054.00
1,071.00
Palladium
12.20
2,129.00
2,279.00
-2.00
-0.09%
2,128.00
2,304.00
Rhodium
06.00
13,400.00
15,400.00
0.00
0.00%
13,400.00
15,400.00

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