Gold closed up $13.2 – U.S. initial jobless claims rise to highest level since November 2021

Gold futures closed higher on Thursday (July 21), supported by the depreciation of the dollar. In addition, investors bought gold as a safe haven after the U.S. released weak economic data yesterday.

  • The gold futures were up $13.2, or 0.78%, at $1,713.4 per ounce.
  • Silver futures were up 5.1 cents, or 0.27%, at $18.719 an ounce.
  • The platinum contract was up $12.2, or 1.44%, at $858.7 an ounce.
  • Palladium was up $15.10, or 0.8%, at $1,876.70 an ounce.

Gold futures recovered after falling to a 15-month low on Wednesday. The market was supported by the depreciation of the dollar, and the yield on the 10-year U.S. Treasury bond fell below 3%.

A weaker dollar will make gold contracts cheaper for holders of other currencies. The decline in U.S. Treasury bond yields will lower the cost of owning gold.

In addition, weak U.S. economic data is a factor supporting safe haven buying. According to the Bureau for Labor Statistics, initial jobless claims rose by 7,000 to 251,000 last week, the highest level since November 2021.

The Federal Reserve Bank of Philadelphia announced that its Mid-Atlantic manufacturing index fell to -12.3 in July from -3.3 in June.

The index fell below 0, indicating that manufacturing in the Mid-Atlantic region contracted. This is the second month in a row that the index has contracted.

The Spot Market is Open

Friday, July 22, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.50
1,714.30
1,715.30
-4.90
-0.29%
1,713.50
1,720.80
Silver
11.50
18.73
18.83
-0.12
-0.64%
18.73
18.96
Platinum
11.50
873.00
883.00
-4.00
-0.46%
871.00
887.00
Palladium
11.40
1,814.00
1,964.00
+4.00
+0.22%
1,806.00
1,967.00
Rhodium
05.00
14,850.00
16,850.00
0.00
0.00%
14,850.00
16,850.00

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