Business News Asia
Gold closes $14 higher as dollar depreciates and falling Treasury yields spur buying
Gold futures closed above $1,800 on Monday (Aug. 8), helped by the dollar’s depreciation and easing U.S. Treasuries while investors look ahead to Wednesday’s release of U.S. inflation figures.
- The gold futures were up $14, or 0.78%, at $1,805.2 per ounce.
- Silver futures were up 77.2 cents, or 3.89%, at $20.614 an ounce.
- The platinum contract was up $13.7, or 1.48%, at $938.40 an ounce.
- The palladium futures rose $112.80, or 5%, to close at $2,241.50 an ounce.
The gold contract rose back above $1,800 after the dollar index against the six major currencies in a basket of currencies fell 0.17% to 106.4360 and the yield on the 10-year U.S. Treasury note declined to 2.768%.
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.
Investors will keep an eye on Wednesday’s release of the U.S. Bureau of Labor Statistics’ Consumer Price Index (CPI).
Analysts had expected the consumer price index for July to indicate that inflation in the USA had peaked. This is due to the fact that oil prices fell sharply in July.
The Spot Market is Open
Tuesday, August 9, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 12.10 | 1,785.70 1,786.70 | -3.50 -0.20% | 1,783.30 1,791.20 |
| Silver 12.10 | 20.67 20.77 | +0.02 +0.10% | 20.59 20.81 |
| Platinum 12.10 | 939.00 949.00 | -1.00 -0.11% | 938.00 964.00 |
| Palladium 12.10 | 2,120.00 2,270.00 | -42.00 -1.94% | 2,112.00 2,316.00 |
| Palladium 05.00 | 13,600.00 15,600.00 | 0.00 0.00% | 13,600.00 15,600.00 |
