Gold futures fell from the $1,800 level overnight (Nov. 23) as rising U.S. Treasury yields pressured the market.
- Gold contract was down $22.5, or 1.25%, at $1,783.8 per ounce.
- Silver was down 86.2 cents, or 3.55%, at $23.435 an ounce.
- The platinum contract was down $50.9, or 5.01%, at $964.2 per ounce.
- Palladium fell $100.30, or 5.1%, at $1,850.30 an ounce.
Gold futures came under pressure as 10-year U.S. Treasury bond yields rose to 1.648%. This comes after President Joe Biden announced Jerome Powell as Federal Reserve (Fed) Chairman for a second term.
Investors are speculating that Powell, in his second term as Fed chairman, could raise interest rates next year, which would have a negative impact on gold prices.
Moreover, the rise in U.S. government bond yields would increase the opportunity cost for investors holding gold. This is because gold is a non-interest-bearing asset.
The Spot Market is Open
Wednesday, November 24, 2021
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 12.50 | 1,795.30 1,796.30 | +5.60 0.31% | 1,789.20 1,797.40 |
| Silver 12.50 | 23.59 23.69 | -0.05 -0.19% | 23.47 23.76 |
| Platinum 12.50 | 980.00 990.00 | +16.00 1.66% | 964.00 990.00 |
| Palladium 12.50 | 1,830.00 1,980.00 | +20.00 1.10% | 1,800.00 1,983.00 |
| Rhodium 06.00 | 12,850.00 14,850.00 | 0.00 0.00% | 12,850.00 14,850.00 |