Gold Below Important Level

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

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