Gold Closed Up $22.7 as Inflation Fears Boost Buying

Gold futures closed higher on Friday (June 10) as investors flocked to gold as a safe haven amid inflation fears after higher-than-expected inflation data in the U.S. in May.

  • Gold futures rose $22.7, or 1.23%, to $1,875.5 an ounce. This was the highest level since May 5, and for the week it is up 1.4%.
  • Silver contracts were up 11.4 cents, or 0.52%, at $21.931 per ounce.
  • The platinum contract was down $4.9, or 0.5%, at $971 an ounce.
  • The palladium contract was down $8.60, or 0.4%, at $1,907.00 per ounce.

Investors are buying gold contracts amid inflation concerns. The U.S. Labor Department said Friday (June 10) that the Consumer Price Index (CPI), a measure of inflation based on consumer spending, rose 8.6% year over year in May. This was a new high in 40 years after the index was above 8.3% in April and 8.5% in March.

The consumer price index rose 1.0% in May from a month earlier, while the core CPI (excluding food and energy) increased 6.0% in May from a year earlier. And on a monthly basis, the core CPI rose 0.6% in May.

The release of rising U.S. inflation data in May led to a sharp sell-off in U.S. equity markets and supported safe-haven buying in gold.

In addition, gold contracts were supported by the release of the U.S. consumer sentiment index, which fell to 50.2 in June. This is the lowest level since the data was collected in the 1940s and was below analysts’ expectations of 58.5, after reaching 58.4 in May.

The Spot Market is Closed

Saturday, 11 June, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
04.00
1,872.20
1,873.20
+23.80
+1.29%
1,824.20
1,878.30
Silver
04.00
21.91
22.00
+0.23
+1.06%
21.23
22.09
Platinum
04.00
972.00
982.00
+1.00
+0.10%
952.00
986.00
Palladium
04.00
1,870.00
2,020.00
+4.00
+0.21%
1,801.00
2,030.00
Rhodium
04.00
12,900.00
14,900.00
-300.00
-2.27%
12,900.00
15,200.00

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