Gold Drops $4.4 as Dollar Strengthens

Gold futures fell overnight (Dec. 6) under pressure from the dollar’s appreciation. Meanwhile, investors are waiting for the release of the U.S. CPI to determine the Fed’s interest rate outlook.

  • Gold contract was down $4.4, or 0.25%, at $1,779.5 per ounce.
  • Silver was down 21.8 cents, or 0.97%, at $22.263 an ounce.
  • The platinum was up $10.2, or 1.1%, at $936.4 per ounce.
  • The palladium contract was up $33, or 1.8%, at $1,845.60 an ounce.

Gold contracts are under pressure from the strong dollar. As a result, gold contracts denominated in dollars are more expensive for investors holding other currencies.

The dollar index against the six major currencies in a basket of currencies rose 0.23% to 96.3361.

Investors are looking ahead to Friday’s release of the U.S. Consumer Price Index (CPI) for November. Based on this, it will be exciting to see what the Fed’s next actions will be. If inflation rises, the Fed is under pressure to find suitable countermeasures. However, this now seems more than difficult, as the current inflation was already wrongly anticipated additional errors can not be ruled out.

The Spot Market is Open

Tuesday, December 7, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.10
1,777.30
1,778.30
-1.20
-0.07%
1,776.80
1,783.00
Silver
11.10
22.28
22.38
-0.09
-0.42%
22.26
22.49
Platinum
11.10
936.00
946.00
-2.00
-0.21%
935.00
951.00
Palladium
11.10
1,780.00
1,930.00
-8.00
-0.45%
1,776.00
1,950.00
Rhodium
06.00
12,750.00
14,750.00
0.00
0.00%
12,750.00
14,750.00

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