Gold futures closed higher on Friday (Feb. 11), buoyed by persistent inflation and the U.S. warning that Russia already has enough troops on the Ukrainian border for the invasion.
- Gold prices closed up $32.40, or 1.77%, at $1,866.40 per ounce.
- Silver was up 40 cents, or 1.70%, at $23.76 an ounce.
- The platinum contract was down $3.00, or 0.29%, at $1,044.00 per ounce.
- Palladium was up $59.00, or 2.69%, at $2,452.00 an ounce.
Market analysts explained that rising inflation is causing investors to buy gold contracts to hedge against inflation. In addition, there is also more and more concern as the belief rises that the central banks no longer have inflation under control.
In addition, Michigan consumer sentiment fell to 61.7 in February from 67.2 in January.
Gold contracts gained momentum after U.S. National Security Advisor Jake Sullivan told reporters there was a possibility Russia would invade Ukraine next week.
“Gold prices could soar above $1,900 if Russia invades Ukraine. And traders do not want to sell their gold contracts before this weekend,” said Edward Moya, market analyst at Oanda.
Gold is rising hand in hand with the dollar and U.S. government bond yields at the moment. Following the U.S. announcement that inflation figures have risen more than expected.
The dollar index, which measures the dollar’s performance against six major currencies in a basket of currencies, rose 0.14% to 95.69.
The yield on 10-year U.S. Treasury notes rose above 2.0%.
The Spot Market is Closed
Saturday, February 12, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 05.00 | 1,859.00 1,860.00 | +32.40 1.77% | 1,820.90 1,866.40 |
| Silver 05.00 | 23.57 23.67 | +0.40 1.70% | 22.83 23.76 |
| Platinum 05.00 | 1,023.00 1,033.00 | -3.00 -0.29% | 1,004.00 1,044.00 |
| Palladium 05.00 | 2,255.00 2,405.00 | +59.00 2.69% | 2,118.00 2,452.00 |
| Rhodium 05.00 | 16,900.00 18,900.00 | +1,150.00 7.30% | 16,900.00 19,100.00 |