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Gold Closes $3.7 Lower – ECB Signals Interest Rate Hikes
Gold futures closed lower on Thursday (June 9) after the European Central Bank (ECB) announced a rate hike in July. In addition, the rise in U.S. Treasury yields is also a factor in falling gold prices.
- Gold was down $3.7, or 0.2%, at $1,852.8 per ounce.
- Silver was down 27.7 cents, or 1.25 percent, at $21.817 an ounce.
- The platinum fell $35.7, or 3.53%, at $975.9 an ounce.
- Palladium was down $22.20, or 1.1%, at $1,915.60 an ounce.
Gold futures fell after the ECB signaled a rate hike in July. It will raise interest rates for the first time in 11 years to curb the spike in inflation.
At its meeting yesterday, the ECB also announced that it will stop buying bonds under its asset purchase program (APP) by the end of June. This is sooner than previously announced. It paves the way for a rate hike in July to curb inflation in the eurozone, which reached 8.1% in May, the highest level since 1997 and above the ECB’s 2% target.
Gold futures also came under pressure as 10-year U.S. Treasury yields rose to 3.073%.
The Spot Market is Open
Friday, June 10, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 11.00 | 1,845.10 1,846.10 | -3.30 -0.18% | 1,844.10 1,849.70 |
| Silver 11.00 | 21.65 21.75 | -0.03 -0.14% | 21.58 21.80 |
| Platinum 11.00 | 966.00 976.00 | -5.00 -0.51% | 964.00 982.00 |
| Palladium 10.00 | 1,874.00 2,024.00 | +8.00 +0.43% | 1,863.00 2,027.00 |
| Rhodium 05.00 | 13,200.00 15,200.00 | 0.00 0.00% | 13,200.00 15,200.00 |
