Gold closed up $7.10 as weak dollar boosted buying, with investors wary of U.S. inflation

Gold futures rose Tuesday (Aug. 9), supported by a weaker dollar, as investors awaited U.S. inflation figures released today.

  • Gold futures were up $7.10, or 0.4%, at $1,812.30 per ounce. This is the highest closing level since June 29.
  • Silver was down 13 cents, or 0.6%, at $20.48 an ounce.
  • The platinum contract was down $5.40, or 0.6%, at $933 ounces per ounce.
  • Palladium fell $22.70, or 1%, at $2,218.80 an ounce.

Analysts at Oanda said gold futures have risen back above $1,812 due to the weak dollar and buying pressure on safe havens following the U.S. stock market drop.

Meanwhile, investors are looking ahead to the release of U.S. inflation figures today. If inflation falls short of expectations, this could send gold futures to the $ 1,850 mark.

The dollar index against the six major currencies in a basket of currencies fell 0.06% to 106.3750, with dollar weakness making gold contracts cheaper for investors holding other currencies.

The U.S. Bureau of Labor Statistics will release the Consumer Price Index (CPI) for July today.

Meanwhile, analysts forecast that the general CPI, which includes the food and energy category, rose 8.7% year-on-year in July. Core CPI, which excludes food and energy, is expected to rise 6.1% year-over-year in July.

The Spot Market is Open

Wednesday, August 10, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.00
1,791.00
1,792.00
-2.90
-0.16%
1,790.70
1,796.00
Silver
11.00
20.43
20.53
-0.07
-0.34%
20.43
20.63
Platinum
11.00
926.00
936.00
-6.00
-0.64%
926.00
946.00
Palladium
10.30
2,130.00
2,280.00
-16.00
-0.75%
2,130.00
2,301.00
Rhodium
05.00
13,600.00
15,600.00
0.00
0.00%
13,600.00
15,600.00

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