Gold futures ended negative on Wednesday (Apr 6) as markets were pressured by a surge in US Treasury yields. Including concerns that the US Federal Reserve (Fed) will accelerate interest rates.
- The gold contract was down $4.4, or 0.23%, at $1,923.1 per ounce.
- Silver was down 7.6 cents, or 0.31%, at $24.458 an ounce.
- The platinum contract was down $20, or 2.06%, at $953.1 an ounce.
- Palladium fell $50.60, or 2.3%, at $2,184.70 an ounce.
Gold futures fell after 10-year bond yields rose above 2.65%.
One concern that is currently prevalent is the inversion of the repo market. The last time the yield curves of the 2- and 10-year U.S. Treasury notes were inverted was in 2008, and those who were already in the market can still remember what happened afterward.
Gold markets were also pressured by fears that the Fed will accelerate its rate hikes to curb inflation. Fed Vice Chairwoman Lael Brainard said the Fed should systematically raise interest rates and accelerate the reduction of its balance sheet from a peak of nearly $9 trillion starting in May. Slowing inflation is a task of great importance.
Investors are focused on the minutes of the March Fed meeting.
The Spot Market is Open
Thursday, April 7, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 11.20 | 1,922.10 1,923.10 | -3.20 -0.17% | 1,921.10 1,928.50 |
| Silver 11.20 | 24.27 24.38 | -0.17 -0.68% | 24.27 24.57 |
| Platinum 11.20 | 948.00 958.00 | -4.00 -0.42% | 947.00 964.00 |
| Palladium 11.00 | 2,158.00 2,300.00 | +31.00 1.46% | 2,112.00 2,310.00 |
| Rhodium 05.00 | 18,150.00 20,150.00 | 0.00 0.00% | 18,150.00 20,150.00 |