Business News Asia
Gold falls $10.5, dollar gains, markets look ahead to ECB meeting
Gold futures closed at a 15-month low on Wednesday (July 20) as the dollar’s appreciation weighed on markets.
- Gold fell $10.5, or 0.61%, at $1,700.2 an ounce.
- Silver was down 4.5 cents, or 0.24%, at $18.668 an ounce.
- The platinum contract was down $12.4, or 1.44%, at $846.5 an ounce.
- Palladium was up $7.40, or 0.4%, at $1,861.60 an ounce.
The dollar index against the basket of six major currencies gained 0.37% to 107.0760. The strength of the dollar has made gold contracts more expensive for investors holding other currencies.
In addition, investors are selling safe-haven gold and buying riskier assets with higher yields after the U.S. stock market rose for the second day in a row on strong performance by publicly traded companies.
Investors are waiting for the outcome of today’s European Central Bank (ECB) monetary policy meeting, while the media reported that ECB officials were considering a 0.50% rate hike at today’s meeting. This was higher than the previously forecast 0.25% hike.
The Spot Market is Open
Thursday, July 21, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 11.20 | 1,691.50 1,692.60 | -4.90 -0.29% | 1,689.80 1,698.10 |
| Silver 11.20 | 18.56 18.66 | -0.10 -0.54% | 18.51 18.82 |
| Platinum 11.20 | 852.00 862.00 | -3.20 -0.35% | 850.00 866.00 |
| Palladium 11.00 | 1,796.00 1,946.00 | +14.00 +0.79% | 1,780.00 1,946.00 |
| Rhodium 05.00 | 14,550.00 16,550.00 | 0.00 0.00% | 14,550.00 16,550.00 |
