Gold futures closed higher on Friday (May 20) as investors bought gold as a safe haven. Meanwhile, U.S. equity markets remain weak amid inflation fears and rising interest rates.
- The gold contract was up $0.9, or 0.05%, at $1,842.1 per ounce.
- Silver was down 23.4 cents, or 1.07%, at $21.674 an ounce.
- The platinum contract was down $12.6, or 1.32 percent, at $941.1 an ounce.
- The palladium contract was down $38.70, or 2%, at $11939.70 an ounce.
Investors are buying gold contracts as a safe haven while the stock market continues to fall after the Federal Reserve (Fed) accelerated interest rates to control inflation.
The gold contract tested resistance at the 200-day moving average near the $1,837 per ounce level, and if it can move above the above moving averages, gold contracts could also rise into the $1880-1900 per ounce range.
The Spot Market is Closed
Saturday, May 21, 2022
| Metals Updated | USD Bid/Ask | Ounce Change | Low/High |
| Gold 04.00 | 1,846.70 1,847.70 | +6.20 +0.28% | 1,832.50 1,849.90 |
| Silver 04.00 | 21.77 21.88 | -0.13 -0.59% | 21.59 22.16 |
| Platinum 04.00 | 954.00 964.00 | -7.00 -0.73% | 944.00 978.00 |
| Palladium 04.00 | 1,889.00 2,039.00 | -44.00 -2.28% | 1,863.00 2,114.00 |
| Rhodium 04.00 | 14,150.00 16,150.00 | 0.00 0.00% | 14,150.00 16,150.00 |