Gold Futures Rise $33.70 With Jobless Claims On the Rise

Gold futures price rose yesterday Thursday (Dec. 16) by $ 33.70. In addition, the U.S. dollar weakened and U.S. government bond yields declined.

  • Gold futures rose $33.7, or 1.91%, at $1,798.2 per ounce.
  • Silver futures were up 94 cents, or 4.36%, at $22.485 an ounce.
  • The platinum futures was up $34.7, or 3.88%, at $928.9 per ounce.
  • The palladium futures were up $171.20, or 11%, at $1,722.80 an ounce.

The dollar weakened this morning after rising yesterday in response to the results of the Federal Reserve (Fed) meeting. A weaker dollar will make gold more attractive to holders of other currencies. What also helps the price of gold are the continued weak yields on U.S. government bonds.

The Fed kept its short-term interest rate unchanged at 0.00-0.25% and announced it will increase the monthly cut in the QE program by $30 billion starting in January 2022. Doing so will result in the Fed ending QE in March 2022. Previously, the Fed had still announced to cut its QE program by $15 billion per month.

It also anticipates that the key interest rate will be raised three times in 2022, twice in 2023, and twice in 2024.

Concerns about the Omicron virus and weak U.S. jobs data are factors supporting safe-haven buying in gold. Initial jobless claims rose 18,000 last week to 206,000, according to the Labor Department.

The Spot Market is Open

Friday, December 17, 2021

Metals
Updated at
USD
Bia/Ask
Ounce
Change

Low/High
Gold
10.00
1,802.00
1,803.00
+2.70
015%
1,797.20
1,805.20
Silver
10.00
22.42
22.52
-0.05
-0.22%
22.41
22.63
Platinum
10.00
937.00
947.00
0.00
0.00%
935.00
951.00
Palladium
10.00
1,694.00
1,844.00
+25.00
1.50%
1,666.00
1,848.00
Rhodium
06.00
12,850.00
14,850.00
0.00
0.00%
12,850.00
14,850.00

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