Gold Closes Lower as Dollar Strengthens and Treasury Yield Surges

Gold futures closed lower on Monday (June 6) as a strong dollar and rising U.S. treasury bond yields pressured the market. Investors are looking ahead to the release of U.S. inflation figures on Friday.

  • The gold contract was down $6.5, or 0.35%, to close at $1,843.7 per ounce.
  • Silver futures were up 18.4 cents, or 0.84%, at $22.092 an ounce.
  • The platinum contract was up $13.6, or 1.34%, at $1,030.00 per ounce.
  • Palladium was down $6.5, or 7.16%, at $1,843.7 an ounce.

Gold contracts were under pressure from the appreciation of the dollar. The dollar index rose 0.29% against the six major currencies in a basket of currencies to 102.4370. A strong dollar makes gold contracts more expensive for investors holding other currencies.

Gold trading was also influenced by the rise in the yield on 10-year U.S. Treasury bonds to 3.032%. Gold is an asset that does not yield interest gains.

Investors are focused on Friday’s release of the U.S. consumer price index (CPI) for May. Analysts forecast an 8.2% increase in the CPI, a slowdown from 8.3% in April.

The Spot Market is Open

Tuesday, June 7, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
13.40
1,841.10
1,842.10
-0.30
-0.02%
1,836.70
1,845.80
Silver
13.40
21.90
22.00
-0.13
-0.59%
21.82
22.16
Platinum
13.40
1,003.00
1,013.00
-12.00
-1.18%
999.00
1,028.00
Palladium
13.30
1,953.00
2,103.00
+2.00
+0.10%
1,938.00
2,111.00
Rhodium
05.00
13,500.00
15,500.00
0.00
0.00%
13,500.00
15,500.00

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