Gold Falls $10.8 Due to Profit Taking

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

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