Gold Closes $15 Lower as Dollar Strengthens & U.S. Treasury Yield Rises

Gold futures fell to a two-month low on Wednesday (April 27) as rising U.S. Treasury yields and the dollar’s appreciation weighed on markets. Negative factors came from the Federal Reserve (Fed), which is likely to raise interest rates by 0.5% at its meeting next month.

  • The gold contract was down $15.4, or 0.81%, at $1,888.7 per ounce. This is the lowest closing level since Feb 25, 2022.
  • Silver was down 8.5 cents, or 0.36%, at $23.505 an ounce.
  • The platinum contract was down $1.7, or 0.19%, at $910.4 per ounce.
  • The palladium contract was up $16.60, or 0.76%, at $2,195.10 an ounce.

The yield on 10-year U.S. Treasury notes rose to 2.795%, while the dollar index against six major currencies in a basket of currencies rose 0.63% to 102.9540.

Gold futures also came under pressure from concerns that the Fed may accelerate rate hikes. Fed Chairman Jerome Powell said that the Fed needs to act faster to fight inflation and that there is a likelihood that the Fed will raise rates by 0.50% at its May meeting.

Markets are also concerned that the Fed will raise interest rates by a larger 0.75% after May in an effort to curb inflation.

The Spot Market is Open

Thursday, April 28, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.30
1,876.70
1,877.70
-9.30
-0.49%
1,875.00
1,887.50
Silver
11.30
23.05
23.15
-0.22
-0.92%
23.02
23.44
Platinum
11.30
912.00
922.00
-5.00
-0.55%
911.00
929.00
Palladium
11.20
2,150.00
2,300.00
+20.00
0.94%
2,130.00
2,308.00
Rhodium
05.00
16,800.00
18,800.00
0.00
0.00%
16,800.00
18,800.00

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