Gold Rises Slightly After Dollar Weaken

Gold futures closed higher on Monday (May 16) as the depreciation of the dollar caused gold futures to rise slightly. Weak U.S. economic data also supported the gold price.

  • The gold futures were up $5.8, or 0.32%, to close at $1,814 an ounce.
  • Silver futures were up 55 cents, or 2.62%, at $21.551 an ounce.
  • The platinum contract was down $5.4, or 0.58%, at $925.3 an ounce.
  • Palladium was up $84.90, or 4.42%, at $2,002.60 an ounce.

Gold contracts are rallying after the dollar index fell 0.36% against the six major currencies in a basket of currencies to 104.1870, a weaker dollar would make gold contracts cheaper for investors holding other currencies.

The Federal Reserve Bank of New York released the Empire State Manufacturing Index, which fell to a negative level in May after a strong rebound in April.

The New York Fed reported that the manufacturing index fell to -11.6 in May from 24.6 in April, with an index below zero indicating a decline in New York manufacturing.

The Spot Market is Open

Tuesday, May 17, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.00
1,823.20
1,824.20
-0.70
-0.04%
1,821.90
1,830.20
Silver
11.00
21.56
21.66
-0.04
-0.19%
21.52
21.74
Platinum
11.00
941.00
951.00
-1.00
-0.11%
940.00
957.00
Palladium
11.00
1,918.00
2,068.00
-30.00
-1.54%
1,916.00
2,095.00
Rhodium
05.00
15,100.00
17,100.00
0.00
0.00%
15,100.00
17,100.00

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