Gold futures closed lower on Monday (May 9) as the strong dollar and rising U.S. Treasury yields pressured the market.
- The gold contract was down $24.2, or 1.29%, at $1,858.6 per ounce.
- Silver was down 54.7 cents, or 2.45%, at $21.82 an ounce.
- The platinum contract was down $17.5, or 1.83%, at $938.5 an ounce.
- Palladium fell $38.30, or 1.89%, at $2,061.50 an ounce.
The yield on the 10-year U.S. Treasury note rose to 3.185%, its highest level since 2018, while the dollar index hit its highest level in nearly 20 years overnight.
Rupert Rolling, analyst at Kinesis Money, said another factor pressuring the market is that investors are divesting from gold and turning to the dollar as a safe haven and better alternative. At a time when the stock market has plummeted on fears that the U.S. Federal Reserve (Fed) will accelerate its rate hike. In addition, the Chinese economy slowed after the government took lockdown measures to contain the spread of COVID-19.
The Spot Market is Open
Tuesday, May 10, 2022
| Metals Updated at | USD Bid/Ask | Ounce Price | Low/High |
| Gold 12.00 | 1,863.90 1,864.90 | +9.80 +0.53% | 1,846.50 1,866.40 |
| Silver 12.00 | 22.03 22.14 | +0.28 +1.26% | 21.60 22.16 |
| Platinum 12.00 | 960.00 970.00 | +9.00 +0.95% | 933.00 972.00 |
| Palladium 11.30 | 2,065.00 2,215.00 | +51.00 +2.53% | 1,992.00 2,215.00 |
| Rhodium 05.00 | 14,800.00 16,800.00 | 0.00 0.00% | 14,800.00 16,800.00 |