Gold closes down $15.7 into the weekend as U.S. Treasury notes rise and dollar strength pushes the price down

Gold futures closed lower on Friday (Aug. 5), pressured by a stronger dollar and rising U.S. Treasury notes after better-than-expected U.S. jobs data for July.

  • The gold contract fell $15.7, or 0.87%, to $1,791.2 an ounce. Gold futures, however, rose 0.5% for the week.
  • Silver was down 28 cents, or 1.39%, at $19.842 an ounce.
  • The platinum was down 20 cents, or 0.02%, at $924.7 an ounce.
  • The palladium futures were up $51.20, or 2.5%, at $2,128.70 an ounce.

Gold contracts are under pressure because of the stronger dollar. The dollar index against the six major currencies in a basket of currencies rose 0.88% to 106.6190 on Friday as the dollar’s appreciation made gold contracts more expensive for investors holding other currencies.

The dollar gained as the Federal Reserve (Fed) held out the prospect of raising interest rates more quickly to curb inflation after the release of stronger-than-expected non-farm payroll data.

According to the U.S. Bureau of Labor Statistics, non-farm payrolls rose by 528,000 in July, and the unemployment rate fell to 3.5%, below analysts’ forecast of 3.6%.

The Spot Market is Closed

Saturday, August 6, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
04.00
1,776.40
1,777.40
-14.80
-0.83%
1,764.60
1,795.80
Silver
04.00
19.91
20.01
-0.25
-1.22%
19.53
20.40
Platinum
04.00
934.00
944.00
+5.00
+0.54%
920.00
954.00
Palladium
04.00
2,064.00
2,214.00
+60.00
+2.99%
1,998.00
2,231.00
Rhodium
04.00
13,600.00
15,600.00
0.00
0.00%
13,600.00
15,600.00

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