Gold Closes $19.1 Lower as Strong Dollar Weighs on Markets

Gold futures closed lower on Wednesday (May 25) as dollar strength weighed on the market. Investors were also holding back ahead of the release of the Federal Reserve’s May meeting minutes. The New York gold market was closed ahead of the release of the FOMC minutes.

  • The gold contract was down $19.1, or 1.02%, at $1,846.30 an ounce.
  • Silver was down 19.3 cents, or 0.87%, at $21.87 an ounce.
  • The platinum contract was down $13.6, or 1.44%, at $929.3 an ounce.
  • The palladium futures were up $2.70, or 0.13%, at $1,989.30 an ounce.

The gold market was pressured by the strong dollar. The dollar index against the six major currencies in a basket of currencies rose 0.19% to 102.0550. The strength of the dollar made gold contracts more expensive for investors holding other currencies.

Meanwhile, CME Group’s FedWatch tool shows that investors now have a 100% expectation that the Fed will raise rates by at least 0.50% at its June and July meetings after the Fed raised rates by 0.50% in May.

The Spot Market is Open

Thursday, May 26, 2022

Metals
updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.20
1,845.20
1,846.20
-8.40
-0.45%
1,844.00
1,855.40
Silver
12.20
21.76
21.86
-0.21
-0.96%
21.75
22.09
Platinum
12.20
940.00
950.00
-6.00
-0.63%
939.00
959.00
Palladium
11.25
1,946.00
2,096.00
-2.00
-0.10%
1,942.00
2,108.00
Rhodium
05.00
14,450.00
16,450.00
0.00
0.00%
14,450.00
16,450.00

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