Gold Closes at Just Above $ 1,800 and Hits 14-Week Low

Gold futures closed lower on Friday (May 13), hitting a 14-week low, on rising U.S. Treasury bond yields.

  • Gold fell $16.4, or 0.9%, at $1,808.20 an ounce.
  • Silver futures were up 22.8 cents, or 1.1%, at $21.001 an ounce.
  • The platinum contract was down $0.7, or 0.08%, at $930.7 per ounce.
  • The palladium futures were up $57.10, or 3.1%, at $1,917.70 an ounce.

Gold contracts fell below the 200-day moving average on Thursday, while market analysts expected gold prices to fall further below $1,830 next week.

A rebound in U.S. Treasury yields dragged gold prices lower. The yield on 10-year U.S. Treasury bonds rose to 2.928%, while the yield on 30-year Treasury bonds rose to 3.079%.

Gold futures also came under selling pressure amid fears that the U.S. Federal Reserve (Fed) will raise interest rates faster to curb inflation.

The University of Michigan’s consumer sentiment index fell to 59.1 in May, its lowest level since August 2011.

The sentiment index was affected by rising inflation concerns, including the falling stock market. In addition, sentiment is falling due to the current and future economic situation.

The Spot Market is Closed

Saturday, May 14, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
04.00
1,812.20
1,813.20
-9.30
-0.51%
1,798.60
1,829.50
Silver
04.00
21.11
21.24
+0.48
+2.23%
20.43
21.24
Platinum
04.00
941.00
951.00
+3.00
+0.32%
933.00
972.00
Palladium
04.00
1,870.00
2,020.00
+40.00
+2.19%
1,814.00
2,047.00
Rhodium
04.00
14,950.00
16,950.00
+700.00
+4.91%
14,250.00
16,950.00

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