Gold futures closed higher on Friday (Aug. 12), rising for the fourth straight week on a decline in U.S. Treasury bond yields. This reduces the opportunity cost of owning gold, as gold is an asset that does not earn interest.
- Gold futures rose $8.30, or 0.46%, to $1,815.50 per ounce, gaining 1.3% for the week. This was the fourth straight week of gains, the longest streak since Dec. 31, 2021.
- Silver futures were up 34.90 cents, or 1.72%, at $20.698 an ounce.
- The platinum contract was held at $959.40 an ounce.
- The palladium contract was down $69.00, or 3%, at $2,219.40 an ounce.
The price of gold has not risen as much as the dollar has also strengthened, making gold contracts more expensive for holders of other currencies.
Gold prices are also under pressure because many U.S. Federal Reserve officials continue to advocate interest rate hikes despite signs that inflation is slowing.
In addition, investors have reduced their demand for gold contracts as a safe haven. The University of Michigan announced Friday that its consumer sentiment index rose to 55.1 in August, beating analysts’ expectations of 52.5 from 51.5 in July.
For next year, consumers expect inflation to be 5.0%, down from 5.2% surveyed last month. And for the next five years, consumers expect inflation of 3.0%, a slight increase from the 2.9% surveyed last month.
The Spot Market is Closed
Saturday, August 13, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 04.00 | 1,804.00 1,805.00 | +14.00 +0.78% | 1,784.70 1,805.00 |
| Silver 04.00 | 20.87 20.97 | +0.58 +2.88% | 20.22 20.98 |
| Platinum 04.00 | 962.00 972.00 | +6.00 +0.63% | 943.00 973.00 |
| Palladium 04.00 | 2,146.00 2,296.00 | -64.00 -2.90% | 2,126.00 2,362.00 |
| Rhodium 04.00 | 13,600.00 15,600.00 | 0.00 0.00% | 13,600.00 15,600.00 |