Gold futures rose last night (November 24) after the price of gold had previously fallen for 4 days in a row. This was driven by a speculative buying power to take advantage of weakness to buy.
- Gold contract was up 50 cents, or 0.03%, at $1,784.3 per ounce.
- Silver futures were up 6.1 cents, or 0.26%, at $23.496 an ounce.
- The platinum contract was up $11.1, or 1.15%, at $975.3 per ounce.
- The palladium contract was down $2.40, or 0.1%, at $1,847.90 an ounce.
Gold contracts recovered yesterday evening. Speculative buying was responsible for this after the gold contract had fallen sharply for 4 days in a row. This was largely caused by the rise in U.S. Treasury bond yields and fears that the U.S. Federal Reserve (Fed) will accelerate rate hikes to curb inflation.
In addition, the gold price rose only slightly, as investors sell gold as a safe haven following strong U.S. economic data. This included the gross domestic product (GDP) for the third quarter of 2021, which grew by 2.1%. This is higher than the initial estimate of 2.0%.
Initial claims for unemployment benefits fell by 71,000 last week to 199,000, the lowest level since Nov. 15, 1969.
Meanwhile, the general price index for personal consumption expenditures (PCE), which includes the food and energy category, rose 5.0% in October from a year earlier. This is the strongest increase since November 1990.
The Spot Market is Open
Thursday, November 25, 2021
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 12.00 | 1,792.40 1,793.40 | +3.30 0.18% | 1,786.80 1,795.60 |
| Silver 12.00 | 23.60 23.70 | +0.06 0.25% | 23.51 23.82 |
| Platinum 12.00 | 984.00 994.00 | +12.00 1.23% | 971.00 996.00 |
| Palladium 12.00 | 1,826.00 1,876.00 | +40.00 2.24% | 1,786.00 1,976.00 |
| Rhodium 06.00 | 12,500.00 14,500.00 | 0.00 0.00% | 12,500.00 14,500.00 |