Business News Asia
Gold closes down $13 on dollar strength and rising U.S. Treasury yields
Gold futures fell to a two-week low on Wednesday (Aug. 17) as dollar strength and a rise in U.S. Treasury bonds pressured the market.
- The gold contract was down $13, or 0.73%, at $1,776.70 an ounce. This is the lowest closing level since Aug. 3.
- Silver was down 35.4 cents, or 1.76%, at $19.731 an ounce.
- The platinum contract was down $12, or 1.29%, at $919.30 an ounce.
- Palladium fell $12.30, or 0.6%, at $2,136.70 an ounce.
Gold futures closed lower for the third day in a row after 10-year U.S. Treasury bond yields rose again to 2.899%.
In addition, the strength of the dollar has also put pressure on the gold market. It makes gold contracts priced in dollars more expensive for investors holding other currencies.
The dollar index against the six major currencies of a basket of currencies rose 0.07% to 106.5760.
Investors are waiting for the minutes of the Federal Reserve (Fed) meeting on July 26-27, with the New York gold market closed for trading prior to the release of the minutes by the Federal Reserve Board.
The Spot Market is Open
Thursday, August 18, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 12.00 | 1,762.00 1,763.00 | +0.40 +0.02% | 1,780.80 1,768.30 |
| Silver 12.00 | 19.64 19.74 | -0.14 -0.68% | 19.60 19.93 |
| Platinum 12.00 | 919.00 929.00 | -5.00 -0.54% | 917.00 936.00 |
| Palladium 11.30 | 2,067.00 2,217.00 | -3.00 -0.14% | 2,064.00 2,226.00 |
| Rhodium 05.00 | 12,900.00 14,900.00 | 0.00 0.00% | 12,900.00 14,900.00 |
