The Magazine for Asian Investors
Gold futures closed slightly lower on Wednesday (May 4) as investors slowed trading ahead of the Federal Reserve (Fed) monetary policy meeting results. Investors are waiting for U.S. labor market data from the month of April, which is scheduled to be released on Friday.
- The gold contract was down $1.8, or 0.1%, at $1,868.8 per ounce.
- Silver was down 26.3 cents, or 1.16%, at $22.402 an ounce.
- The platinum contract was up $21, or 2.19%, at $979.6 per ounce.
- Palladium was down $2.30, or 0.1%, at $2,236 an ounce.
Investors entered the trading session hesitantly ahead of the outcome of the Fed’s monetary policy meeting. The New York gold market was closed for trading before the Fed Committee announced its decision.
The depreciation of the dollar helped the gold contract somewhat. The dollar index against the six major currencies in a basket of currencies fell 0.85% to 102.5860, with a weaker dollar making gold contracts cheaper for holders of other currencies.
U.S. labor market data released last night by Automatic Data Processing Inc. (ADP) and Moody’s Analytics released last night indicate that private sector jobs increased by only 247,000 in April.
Investors are also waiting for the U.S. Labor Department to release nonfarm payrolls figures for April on Friday.
The Spot Market is Open
Thursday, May 5, 2022