Gold Closed with a Plus and Approaching $1850 Again

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

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