Gold futures closed higher on Monday (May 23) as the dollar’s depreciation boosted gold buying. Investors are looking ahead to the minutes of the Federal Reserve’s (Fed) May meeting, which will be released on Wednesday.
- The gold futures were up $5.7, or 0.31%, at $1,847.80 an ounce.
- Silver futures were up 4.9 cents, or 0.23%, at $21.723 an ounce.
- Platinum was up $9.2, or 0.98%, at $950.3 per ounce.
- The palladium contract was up $27, or 1.39%, at $1,966.70 an ounce.
Gold contracts were driven by the depreciation of the dollar. The dollar index fell 1.04% against the six major currencies in a basket of currencies to 102.0760, with a weaker dollar making gold contracts cheaper for investors holding other currencies.
However, the strong rally in U.S. equity markets has negated the positive impact of gold futures, a safe haven. The Dow Jones index has risen more than 600 points, leading to buying in bank stocks. In addition, there were reports that President Joe Biden signaled an end to the trade war with China.
Investors are also watching for the minutes of the Federal Reserve’s (Fed) May meeting, which will be released on Wednesday, for the Fed’s direction on interest rates and balance sheet reduction (quantitative tightening: QT).
The Spot Market is Open
Tuesday, May 24, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 11.00 | 1,856.10 1,857.10 | +2.60 +0.14% | 1,849.00 1,857.20 |
| Silver 11.00 | 21.76 21.86 | -0.00 -0.02% | 21.64 21.87 |
| Platinum 11.00 | 950.00 960.00 | -5.00 -0.52% | 946.00 964.00 |
| Palladium 11.00 | 1,944.00 2,094.00 | +16.00 +0.83% | 1,922.00 2,096.00 |
| Rhodium 05.00 | 14,250.00 16,250.00 | 0.00 0.00% | 14,250.00 16,250.00 |