Gold Rose $10 After Stock Market Plunged

Gold futures closed higher on Wednesday (Jan. 5) as a sharp drop in U.S. stocks encouraged safe-haven buying. This was supported by the depreciation of the dollar.

  • Gold futures were up $10.5, or 0.58%, at $1,825.1 per ounce.
  • Silver futures were up 11.4 cents, or 0.49%, at $23.17 an ounce.
  • The platinum contract rose $30.7, or 3.16 percent, at $1,001.9 per ounce.
  • The palladium contract was up $42.90, or 2.3%, to close at $1,902.60 an ounce.

Gold futures received support as the dollar index against the six major currencies in a basket of currencies fell 0.10% overnight to 96.1674.

In addition, investors are buying gold as a safe haven after the U.S. stock market slumped. The release of weak U.S. economic data by IHS Markit also indicates that the purchasing managers index for the service sector in the U.S. fell to 57.6 in December from 58.0 in November, with the PMI affected by a shortage of workers in the service sector. This led to a slowdown in employment.

The Spot Market is Open

Thursday, January 6, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
09.30
1,808.20
1,809.20
-2.30%
-0.13%
1,806.80
1,812.60
Silver
09.30
22.67
22.77
-0.10
-0.46%
22.66
22.91
Platinum
09.30
978.00
988.00
-4.00
0.41%
977.00
996.00
Palladium
09.20
1,807.00
1,957.00
-3.00
-0.17%
1,801.00
1,964.00
Rhodium
07.30
15,300.00
17,300.00
+300.00
2.00%
15,000.00
17,300.00

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