Gold futures fell more than 2.4% overnight (November 22). This was the sharpest one-day decline since August 6 this year. Gold prices were pressured by a strong dollar and a rebound in U.S. Treasury yields.
- Gold futures were down $45.3, or 2.45%, at $1,806.3 per ounce.
- Silver was down 48.4 cents, or 1.95%, to close at $24.297 an ounce.
- The platinum contract fell $20.9, or 2.02%, at $1,015.1 per ounce.
- Palladium fell $122.60, or 5.9%, at $1,950.60 an ounce.
Gold contracts fell sharply after the yield on the 10-year U.S. Treasury bond rebounded to 1.596%. This increases the opportunity cost for investors to own gold, as gold is an asset that does not yield interest.
All this happened after President Joe Biden nominated Jerome Powell for a second term as Fed Chairman
- The dollar’s movement index against six major currencies in a basket of currencies rose 0.52% to 96.5379.
- The US dollar strengthened against the yen at 114.94 yen from 113.95 yen.
- The dollar strengthened against the Swiss franc at 0.9331 francs from 0.9286 francs.
- The US dollar strengthened against the Canadian dollar at 1.2697 Canadian dollars from 1.2660 Canadian dollars.
- The euro was lower against the dollar at $1.1233 from $1.1289.
- The pound fell to $1.3385 from $1.3446.
- The Australian dollar was lower to $0.7225 from $0.7235.
- The baht was at 32.82 baht per dollar.
The Spot Market is Open
Tuesday, November 23, 2021
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 11.50 | 1,807.00 1,808.00 | +2.50 0.14% | 1,804.50 1,813.40 |
| Silver 11.50 | 24.25 24.35 | +0.10 0.41% | 24.16 24.39 |
| Platinum 11.50 | 1,017.00 1,027.00 | +8.00 0.79% | 1,009.00 1,029.00 |
| Palladium 11.50 | 1,924.00 2,074.00 | +33.00 1.75% | 1,891.00 2,084.00 |
| Rhodium 06.00 | 13,100.00 15,100.00 | 0.00 0.00% | 13,100.00 15,100.00 |