Gold Closes Slightly Lower

Gold futures closed lower on Wednesday (April 20) as investors remained concerned that the U.S. Federal Reserve (Fed) would accelerate its rate hikes to curb inflation. However, the gold contract moved slightly as the depreciation of the dollar and a slowdown in U.S. Treasury note yields supported the market.

  • The gold contract was down $3.4, or 0.17%, at $1,955.6 per ounce.
  • Silver was down 12 cents, or 0.47%, at $25.271 an ounce.
  • The platinum contract was down $1.7, or 0.17%, at $987 an ounce.
  • Palladium was up $81.70, or 3.4%, at $2,462.10 an ounce.

Gold futures fell on fears that the Fed may accelerate rate hikes. St. Louis Fed President James Bullard said inflation in the U.S. is too high and there is a possibility the Fed will raise interest rates to between 0.75% and 3.5% by the end of the year. This is to curb inflation in the U.S., which has risen to its highest level in 40 years.

Meanwhile, the yield on the 10-year U.S. Treasury note yield fell to 2.867% and the dollar index fell 0.57% to $100.3890. A weaker dollar would make gold cheaper for holders of other currencies.

The Spot Market is Open

Thursday, April 21, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.35
1,951.20
1,952.20
-6.50
-0.33%
1,950.10
1,958.60
Silver
11.35
25.00
25.10
-0.17
-0.68%
24.99
25.28
Platinum
11.35
982.00
992.00
-5.00
-0.51%
980.00
1,000.00
Palladium
11.30
2,350.00
2,500.00
-19.00
-0.80%
2,344.00
2,527.00
Rhodium
05.00
17,700.00
19,700.00
0.00
0.00%
17,700.00
19,700.00

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