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

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