Gold closes down $17.4 on strong dollar and concerns over slowing Chinese demand

Gold futures closed lower on Monday (Aug. 15) as a strong dollar pressured the market. Investors were also cautious ahead of this Wednesday’s release of the Federal Reserve’s July meeting minutes

  • Gold fell $17.4, or 0.96%, at $1,798.1 an ounce.
  • Silver was down 42.6 cents, or 2.06%, at $20.272 an ounce.
  • The platinum contract fell $25.8, or 2.69%, at $933.6 an ounce.
  • Palladium fell $61.10, or 2.8%, to close at $2,158.30 an ounce.

The dollar index rose 0.87% against the six major currencies of a basket of currencies to 106.5450.

Gold contracts are also influenced by concerns about Chinese gold demand after the Chinese government released weak economic data. The National Bureau of Statistics (NBS) of China reported yesterday that retail sales rose 2.7% year-on-year in July.

Chinese industrial production rose 3.8% in July, while fixed asset investment increased 5.7% year-on-year in the first 7 months of this year.

Investors are also cautious in trading ahead of the release of the Federal Reserve’s (Fed) meeting minutes from July 26-27 on Wednesday.

Several Fed officials continued to advocate raising interest rates. Despite signs that inflation has slowed down.

The Spot Market is Open

Tuesday, August 16, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.15
1,780.60
1,781.60
+0.50
+0.03%
1,776.80
1,784.00
Silver
12.15
20.23
20.33
-0.04
-0.20%
20.14
20.39
Platinum
12.15
930.00
940.00
-4.00
-0.43%
928.00
945.00
Palladium
12.15
2,073.00
2,223.00
-4.00
-0.19%
2,069.00
2,232.00
Rhodium
05.00
13,100.00
15,100.00
0.00
0.00%
13,100.00
15,100.00

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