Gold futures closed lower on Friday (Jan. 21), reflecting profit-taking by investors after the price hit a two-month high earlier in the week.
- The gold contract was down $10.8, or 0.59%, at $1,831.8 per ounce.
- Silver was down 39.6 cents, or 1.6%, at $24.32 an ounce.
- The platinum contract was down $15.7, or 1.49%, at $1,035.1 per ounce.
- The palladium contract was up $30.60, or 1.5%, at $2,104.30 an ounce.
Market analysts believe that investors continue to buy gold contracts as a safe haven amid inflation fears and stock market declines. This led to the price of gold contracts rising for the second week in a row. Since the U.S. Federal Reserve’s tapering timeline was announced, the S&P500 (YTD -7.73%), the DOW (YTD -5.7%), and the NASDAQ (YTD -11.99%) have gone negative. This negative movement could continue for the time being.
A survey conducted in 2021 by GOLDHUB showed that 52% of central banks plan to increase their gold reserves over the next 12 months, while 5% said they will reduce portions of their gold reserves. This shows that central banks continue to see gold as a long-term store of value and crisis asset.
The Spot Market is Closed
Saturday, January 22, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 05.00 | 1,835.60 1,836.60 | -3.80 -0.21% | 1,827.90 1,844.30 |
| Silver 05.00 | 24.26 24.36 | -0.19 -0.76% | 24.11 24.66 |
| Platinum 05.00 | 1,028.00 1,038.00 | -14.00 -1.34% | 1,026.00 1,062.00 |
| Palladium 05.00 | 2,040.00 2,190.00 | +33.00 1.64% | 1,972.00 2,232.00 |
| Rhodium 05.00 | 15,650.00 17,650.00 | 0.00 0.00% | 15,650.00 17,650.00 |