Gold Closes $15 Higher as U.S. Inflation Continues to Rising

Gold futures rose Thursday (March 31) as investors bought gold as a hedge against inflation. The PCE index published by the U.S. is the highest in almost 40 years. In addition, the conflict between Russia and Ukraine continues to see no end.

  • The gold contract was up $15, or 0.77%, at $1,954 per ounce.
  • Silver contracts were up 2 cents, or 0.08%, to close at $25.133 per ounce.
  • The platinum contract was down $5.4, or 0.54%, at $995.8 an ounce.
  • Palladium was up $12.50, or 0.6%, at $2,255.60 an ounce.

For the entire month of March, gold futures gained 2.8%, and for the first quarter of 2022, they rose 6.9%.

The Russia-Ukraine crisis continues to see no end. The latest report states that several countries expressed frustration after Russian President Vladimir Putin declared that countries buying Russian natural gas may only pay in rubles. As of today (April 1), the contract will be terminated if the buyer does not comply with the above conditions.

This has prompted European countries to express their disappointment with Russia and prepare for possible energy shortages. Despite the fact that the U.S. has pledged to increase its gas exports to Europe, it is not expected to be able to fully replace Russian gas.

Gold contracts were also boosted by inflation-hedging purchases. The U.S. Commerce Department announced that the core PCE index, which excludes the food and energy category, rose 5.4% in February from a year earlier. This is the largest increase since April. 1983

The Spot Market is Open

Friday, April 1, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
10.35
1,935.90
1,936.90
-1.40
-0.07%
1,932.20
1,939.60
Silver
10.35
24.77
24.87
+0.01
0.06%
24.69
24.88
Platinum
10.35
990.00
1,000.00
+11.00
1.12%
979.00
1,002.00
Palladium
10.30
2,254.00
2,404.00
+64.00
2.92%
2,190.00
2,430.00
Rhodium
05.00
18,300.00
20,300.00
0.00
0.00%
18,300.00
20,300.00

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