Gold futures closed higher on Friday (June 24), supported by the weaker U.S. dollar. Recession concerns have increased buying pressure on gold as a safe haven.
- The gold contract rose 50 cents, or 0.03%, to $1,830.3 an ounce. However, gold futures fell 0.6% this week.
- Silver futures were up 8.3 cents, or 0.39%, at $21.125 an ounce.
- The platinum contract was down 70 cents, or 0.08%, at $903.7 per ounce.
- The palladium futures were up $30.20, or 1.7%, at $1,854.30 an ounce.
Gold contracts were driven by the depreciation of the dollar. The dollar index fell 0.23% against the six major currencies in a basket of currencies to 104.1870. A weakening dollar would make gold contracts cheaper for investors holding other currencies.
In addition, buying pressure on safe havens supported the gold contract. According to a University of Michigan survey, the U.S. consumer sentiment index fell to 50.0 in June, the lowest level since data collection began in the 1940s.
However, the U.S. Commerce Department reports that new home sales rose 10.7% in May to 696,000 units. But year-over-year, new home sales fell 5.9% in May.
St. Louis Federal Reserve Bank President James Bullard said Friday that raising interest rates quickly now is the best way to avoid a recession later, as long as the possibility of a recession exists.
The Spot Market is Closed
Saturday, June 25, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 04.00 | 1,826.40 1,827.40 | +4.10 +0.22% | 1,816.60 1,833.30 |
| Silver 04.00 | 21.14 21.24 | +0.19 +0.91% | 20.58 21.33 |
| Platinum 04.00 | 908.00 918.00 | +1.00 +0.11% | 903.00 931.00 |
| Palladium 04.00 | 1,802.00 1,952.00 | +26.00 +1.46% | 1,770.00 1,970.00 |
| Rhodium 04.00 | 13,000.00 15,000.00 | +150.00 +1.17% | 12,850.00 15,000.00 |