Gold closes down $5.8 as strong dollar weighs on buying

Gold futures closed lower on Friday (July 1) as the strength of the dollar weighed on the market. The dollar’s appreciation made the gold contract, which is priced in dollars, more expensive for investors holding other currencies.

  • The gold contract fell $5.8, or 0.32%, to $1,801.5 an ounce. This is the lowest closing level since February 2022 and means a minus of 1.6% this week.
  • Silver was down 68.5 cents, or 3.37%, at $19.667 an ounce.
  • The platinum contract was down $24, or 2.68%, at $871.3 an ounce.
  • The palladium contract was up $22.00, or 1.2%, at $1,938.10 an ounce.

The gold contract briefly fell below $1,800 and reached $1,783.40, its lowest level since January 2022, pressured by the strong dollar.

The dollar index rose 0.43% to 105.1400 against the six major currencies of a basket of currencies on Friday.

However, economic data released on Friday could support gold prices. The U.S. manufacturing Purchasing Managers’ Index (PMI) fell to 52.7 in June from 57.0 in May, slightly above the preliminary data of 52.4, indicating that U.S. manufacturing is growing at its slowest pace in nearly two years.

The Institute for Supply Management (ISM) announced that its manufacturing index fell to 53.0 in June from 56.1 in May, the lowest level in 2 years or since June 2020.

The manufacturing index was impacted by a slowdown in new orders, which fell for the first time in two years, while employment also declined.

The Spot Market is Closed

Saturday, July 2, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
04.00
1,812.90
1,813.90
+5.40
+0.30%
1,783.40
1,814.20
Silver
04.00
19.91
20.00
-0.35
-1.73%
19.40
20.39
Platinum
04.00
891.00
901.00
-2.00
-0.22%
864.00
908.00
Palladium
04.00
1,882.00
2,032.00
+20.00
+1.70%
1,801.00
2,041.00
Rhodium
04.00
12,550.00
14,550.00
-450.00
-3.46%
12,550.00
15,000.00

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