Gold closes lower after U.S. durable goods orders rise in May

Gold futures closed lower on Monday (June 27) as investors sold gold as a safe haven after strong economic data was released in the United States. In addition, the rise in U.S. Treasury note yields is also a factor for pressure on the yellow metal.

  • The gold contract was down $5.5, or 0.3%, at $1,824.8 an ounce.
  • Silver futures were up 4.30 cents, or 0.2%, at $21.168 per ounce.
  • The platinum was up 40 cents, or 0.04%, at $904.1 per ounce.
  • The palladium futures were up $4.60, or 2.6%, at $1,858.90 an ounce.

Gold futures rose early after U.S. officials said the G7 plans to ban Russian gold imports to increase pressure on Russia to end the war in Ukraine.

However, gold futures fell after 10-year U.S. Treasury bond yields rose to 3.202%.

In addition, strong U.S. economic data prompted investors to sell safe-haven assets. The U.S. Commerce Department reported that orders for U.S. durable goods, such as aircraft, automobiles, and heavy machinery lasting three years or more, rose 0.7% in May after increasing 0.4% in April. Durable goods orders were driven by orders for autos in May.

The National Association of Realtors (NAR) reported that the pending home sales index increased 0.7% in May (MoM).

The Spot Market is Open

Thursday, June 28, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.00
1,826.10
1,827.10
+3.10
+0.17%
1,821.30
1,827.90
Silver
12.00
21.17
21.27
+0.03
+0.12%
21.04
21.31
Platinum
12.00
908.00
918.00
0.00
0.00%
904.00
920.00
Palladium
11.00
1,820.00
1,970.00
+20.00
+1.11%
1,800.00
1,974.00
Rhodium
05.00
13,000.00
15,000.00
0.00
0.00%
13,000.00
15,000.00

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