Gold closes higher after weak dollar – U.S. economic data spurs buying

Gold futures closed down for a fourth straight day on Monday (Aug. 1), supported by the dollar’s depreciation and buying pressure on gold as a safe haven after the U.S. released weak economic data.

  • The gold futures were up $5.9, or 0.33%, to close at $1,787.7 per ounce.
  • Silver futures were up 16.5 cents, or 0.82%, at $20.362 an ounce.
  • The platinum contract was up $11.8, or 1.33%, at $901.6 per ounce.
  • The palladium futures were up $69.70, or 3.1%, at $2,99.40 an ounce.

Gold contracts closed in positive territory. After the dollar index fell 0.43% to 105.4500. The weakening of the dollar made gold contracts cheaper for investors holding other currencies.

After the release of weak economic data from the U.S., investors are also buying gold as a safe haven. The Institute for Supply Management (ISM) reported that its manufacturing index fell to 52.8 in July, the lowest level in two years. The manufacturing index was hit by a decline in new orders for the second consecutive month and a drop in employment for the third consecutive month.

The U.S. Commerce Department reported that construction spending fell 1.1% month-over-month in June after rising 0.1% in May.

Investors are waiting for the U.S. Bureau of Labor Statistics to release nonfarm payrolls and unemployment figures for July on Friday.

The Spot Market is Open

Tuesday, August 2, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.00
1,772.90
1,773.90
+0.40
+0.02%
1,770.80
1,781.50
Silver
12.00
20.19
20.30
-0.14
-0.69%
20.14
20.47
Platinum
12.00
908.00
918.00
0.00
0.00%
905.00
922.00
Palladium
12.00
2,120.00
2,270.00
-5.00
-0.24%
2,112.00
2,300.00
Rhodium
05.00
13,900.00
15,900.00
0.00
0.00%
13,900.00
15,900.00

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