Gold Closes Down $15.4 Due to Stronger Dollar and Progress in Ukraine Talks

Gold futures closed lower on Friday (March 11), pressured by a stronger dollar after negotiations on the conflict in Ukraine advanced.

  • The gold contract was down $15.4, or 0.77%, at $1,985 an ounce.
  • Silver was down 9.6 cents, or 0.37%, at $26.16 per ounce.
  • The platinum contract was down $6.6, or 0.6%, at $1,088.6 per ounce.
  • Palladium was down $123.70, or 4.2%, at $2,796.80 an ounce.

Gold contracts were under pressure as the dollar rose sharply. The dollar index against the six major currencies in a basket of currencies rose 0.62% to 99.1230.

Investors are selling gold contracts as a safe haven after Russian President Vladimir Putin said Friday he sees progress in negotiations with Ukraine. This calmed concerns somewhat about the Ukraine crisis.

“There are certain positive shifts, negotiators from our side reported to me,”

Putin told Belarus President Alexander Lukashenko during a meeting in Moscow.

In addition, the gold price is also being put under pressure by the rebound in U.S. Treasury bond yields.

Investors’ focus is on the Federal Reserve’s (Fed) monetary policy meeting on March 15 and 16.

Fed Chairman Jerome Powell has indicated that the Fed will raise interest rates by 0.25% this month, which is not as much as some analysts expected. Previously, there was talk of a 0.50% hike.

The Spot Market is Closed

Saturday, March 12, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
05.00
1,991.10
1,992.10
-6.10
-0.31%
1,957.50
2,000.90
Silver
05.00
25.95
26.05
+0.08
0.31%
25.31
26.10
Platinum
05.00
1,076.00
1,091.00
+11.00
1.03%
1,046.00
1,094.00
Palladium
05.00
2,744.00
2,894.00
-144.00
-4.99%
2,655.00
3,083.00
Rhodium
05.00
17,400.00
19,400.00
0.00
0.00%
17,400.00
19,400.00

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