Dollar Strength Pushes Gold Down $10

Gold futures closed more than $10 lower last night (Nov. 19). They hit their lowest level in more than a week, following the sharp decline in oil prices. It also came under pressure as the dollar rose to its highest level in about 16 months.

  • Gold contracts were down $9.8, or 0.53%, at $1,851.6 per ounce.
  • Silver contracts were down 11.9 cents, or 0.48%, at $24.781 an ounce.
  • The platinum contracts were down $20.4, or 1.93%, at $1,036 per ounce.
  • Palladium fell $64.20, or 3%, at $2,073.20 an ounce.

The gold price is put under pressure by a stronger dollar. With the dollar seen by many as a safe-haven currency, it rose after Austria, a member of the eurozone, announced lockdown measures to prevent the increasing spread of the Covid 19 virus.

The appreciation of the dollar makes it more expensive for investors holding other currencies.

The movement index of the dollar against the six major currencies in a basket of currencies increased by 0.52% to 96.0384.

Meanwhile, the yen rose 0.10% to 114.36 per dollar as the national consumer price index (CPI) and Japan’s core consumer price index rose 0.1% in October year-on-year.

The Australian dollar was down 0.06% to 0.7275.

The New Zealand dollar rose 0.02% to 0.7037.

The yuan rose 0.01% to 6.3856 per dollar.

The pound fell 0.01% to 1.3486 pounds per dollar.

Last week, the euro fell by 0.6%. This led to the dollar reaching a 16-month high of $1.1372, having previously been $1.1263.

The Spot Market is Closed

Saturday, November 20, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
05.00
1,845.00
1,846.00
-13.50
-0.73%
1,842.40
1,866.60
Silver
05.00
24.56
24.66
-0.20
-0.83%
24.53
25.05
Platinum
05.00
1,027.00
1,037.00
-18.00
-1.72%
1,025.00
1,067.00
Palladium
05.00
1,994.00
2,144.00
-78.00
-3.76%
1,994.00
2,240.00
Rhodium
05.00
13,100.00
15,100.00
-200.00
-1.50%
13,100.00
15,300.00

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