Gold futures closed higher on Wednesday (March 23) proving to be extremely volatile recently. Rising inflationary pressures in all parts of the world and geopolitical crises continue to be positive factors for the gold price.
- The gold futures were up $15.8, or 0.82%, at $1,937.3 per ounce.
- Silver futures were up 28.5 cents, or 1.14%, at $25.189 an ounce.
- The platinum contract was down $4.1, or 0.4%, at $1,021 an ounce.
- The palladium contract was up $42.80, or 1.7%, at $2519.30 an ounce.
Talks between Russia and Ukraine have not progressed, said Mikhail Podolyak, adviser to Ukrainian President Volodymyr Zelensky and head of the panel. The Ukrainian negotiator said the peace talks with Russia were facing major difficulties.
Russia accuses Ukraine of changing its negotiating position and accuses the United States of trying to keep Russia and Ukraine at war for as long as possible.
Meanwhile, shares of gold producers remain in strong demand. Shares of Newmont (NYSE: NEM) rose 3.79% to $78.91 yesterday. That brings the stock’s year-to-date gain to 27.23% already. Shares of Barrick Gold (NYSE: GOLD) rose 1.40% to $24.57 in yesterday’s trading, and the stock is already up 29.32% year-to-date.
Shares of streaming and royalty companies also continue to be on the upswing. Franco-Nevada (NYSE: FNV) rose 1.7% to $158.59 yesterday and 14.68% for the year. Wheaton Precious (NYSE: WPM) shares rose 0.94% to $48.40 yesterday and 12.74% for the year. Royal Gold (NASDAQ: RGLD) rose 2.46% to $140.79 yesterday, up 33.82% YTD.
The SPDR Gold Trust, the world’s largest gold exchange-traded fund, this week increased its gold holdings to the highest level since March 2021.
The Spot Market is Open
Thursday, March 24, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 11.00 | 1,939.30 1,940.30 | -4.70 -0.24% | 1,933.30 1,950.10 |
| Silver 11.00 | 25.00 25.10 | -0.12 -0.48% | 23.00 25.33 |
| Platinum 11.00 | 1,012.00 1,022.00 | -6.00 -0.49% | 1,012.00 1,030.00 |
| Palladium 11.00 | 2,472.00 2,622.00 | +24.00 0.98% | 2,448.00 2,630.00 |
| Rhodium 05.00 | 17,700.00 19,700.00 | 0.00 0.00% | 17,700.00 19,700.00 |