Gold Closes $6.20 Lower, With U.S. Stock Markets in Deep Red

Gold futures closed in negative territory on Thursday (Feb. 3), driven by the rise in U.S. Treasury yields. Investors are waiting today for the release of U.S. labor market data for January.

  • Gold futures were down $6.20, or 0.3%, at $1,804.10 per ounce.
  • Silver was down 33 cents, or 1.5%, at $22.375 an ounce.
  • The platinum contract was down $13.4, or 1.3%, at $1,030.30 per ounce.
  • Palladium fell $51.80, or 2.2 percent, at $2,317.70 an ounce.

The gold market came under pressure after the yield on the 10-year U.S. Treasury bond rose to 1.834%.

Investors are waiting for the U.S. nonfarm payrolls figures, which are to be published today.

Important will also be how the markets will react to the non-farm payrolls and the unemployment rate today. The major stock indices in the U.S. have closed altogether in red yesterday with the S&P 500 -2.44%, DOW -1.45%, and the NASDAQ -3.74%. The gold price remains strong at the $1,800 mark.

However, many experts remain optimistic about the price of gold this year, given the negative real interest rates. That the price hangs at the $1,800 mark may also be an indicator that investors continue to rely on the safety factor that gold has as a safe haven investment.

The Spot Market is Open

Friday, February 4, 2022

Metals
Updated at
USA
Bid/Ask
Ounce
Change

Low/High
Gold
10.30
1,806.00
1,807.00
+1.40
0.08%
1,804.60
1,808.60
Silver
10.30
22.48
22.58
+0.09
0.42%
22.38
22.59
Platinum
10.30
1,032.00
1,042.00
0.00
0.00%
1,030.00
1,045.00
Palladium
10.30
2,280.00
2,430.00
+12.00
0.53%
2,258.00
2,430.00
Rhodium
06.00
15,800.00
17,800.00
+50.00
0.32%
15,800.00
17,800.00

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