Gold closes with a minus of $1.4 – little movement ahead of Fed meeting

Gold futures closed lower for the second day in a row on Tuesday (July 26) as markets came under pressure from the dollar’s appreciation. Investors are selling gold contracts ahead of the results of the Federal Reserve (Fed) meeting on Wednesday, July 27 (U.S. time).

  • The gold contract was down $1.4, or 0.08%, at $1,717.7 an ounce.
  • Silver futures were up 20.7 cents, or 1.13%, at $18.535 an ounce.
  • The platinum contract was down $4.9, or 0.56%, at $864.4 an ounce.
  • Palladium was up $8.20, or 0.4%, at $2,011.20 an ounce.

Gold contracts were pressured by the strong dollar. The dollar index against the six major currencies in the basket, rose 0.66% to 107.1880.

The strength of the dollar has meant that gold contracts priced in dollars have become more expensive for investors holding other currencies.

In addition, investors sold gold ahead of the Fed meeting on Wednesday, July 27, in anticipation of a 0.75% rate hike by the Fed.

The Spot Market is Open

Wednesday, July 27, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.35
1,715.80
1,716.80
-1.50
-0.09%
1,715.20
1,721.10
Silver
11.35
18.56
18.66
-0.05
-0.30%
18.56
18.81
Platinum
11.35
871.00
881.00
-3.00
-0.34%
870.00
888.00
Palladium
11.15
1,948.00
2,098.00
+4.00
+0.21%
1,940.00
2,101.00
Rhodium
05.00
13,700.00
15,700.00
0.00
0.00%
13,700.00
15,700.00

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