Gold futures closed lower on Thursday (May 12) as markets were pressured by the dollar’s appreciation and fears that the U.S. Federal Reserve (Fed) will accelerate interest rates to curb inflation.
- The gold futures fell $29.1, or 1.57%, at $1,824.6 an ounce.
- Silver was down 80.2 cents, or 3.72%, at $20.773 an ounce.
- The platinum contract was down $58.4, or 5.9 percent, at $931.4 an ounce.
- Palladium fell $147.30, or 7.33 percent, at $1,860.60 an ounce.
The dollar index rose 0.97% against the six major currencies in a basket of currencies to 104.8510, with the appreciation of the dollar making gold contracts more expensive for investors holding other currencies.
Inflation data were released this week by the U.S. government. The consumer price index (CPI) rose 8.3% year-over-year in April, but was down from the 8.5% increase in March, the highest level since December 1981.
The producer price index (PPI) rose 0.5% month-to-month in April, following a 1.6% increase in March.
On a year-over-year basis, the PPI rose 11% in April, following an 11.5% increase in March.
Core PPI (excluding food and energy) rose 0.6% month-on-month, following a 0.9% increase in March. On a year-on-year basis, the core PPI rose by 6.9%, following an increase of 7.1% in March.
Initial jobless claims rose by 1,000 to 203,000 last week, according to the U.S. Labor Department. This is the highest level since February.
However, the number of initial jobless claims fell below 215,000, the weekly average for the period before the COVID-19 pandemic in the United States.
Meanwhile, the U.S. Labor Department reported that the number of Americans continuing to file for unemployment benefits fell by 44,000 to 1.343 million, the lowest level since January 1970.
The Spot Market is Open
Friday, May 13, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 12.00 | 1,825.80 1,826.80 | +4.30 +0.24% | 1,810.00 1,828.00 |
| Silver 12.00 | 20.81 20.91 | +0.15 +0.73% | 20.61 20.94 |
| Platinum 12.00 | 954.00 964.00 | +16.00 +1.71% | 938.00 966.00 |
| Rhodium 11.40 | 1,871.00 2,021.00 | +41.00 +2.24% | 1,826.00 2,033.00 |
| Rhodium 05.00 | 14,250.00 16,250.00 | 0.00 0.00% | 14,250.00 16,250.00 |