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

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