Gold closes down $8.3 as U.S. treasury yields rise and strong dollar weighs on prices

Gold futures closed lower on Friday, hitting their lowest level in more than three weeks, as rising bond yields and a strong U.S. dollar pressured gold prices.

  • The gold contract fell $8.3, or 0.47%, to $1,762.9 an ounce. This was the lowest close since July 28, and it is down 2.9% for the week.
  • Silver was down 39.5 cents, or 2.03%, at $19.069 an ounce.
  • The platinum contract was down $16.9, or 1.87%, at $888 per ounce.
  • The palladium contract was down $18, or 0.8%, at $2,131.40 an ounce.

The gold price fell on Friday. It was put under pressure by rising U.S. bond yields and the continued appreciation of the dollar. This makes gold contracts more expensive for investors holding other currencies.

The dollar index against the six major currencies in a basket of currencies rose 0.63% to 108.1630.

The chairman of the Federal Reserve Bank of Richmond said Friday he believes the Fed will take the necessary actions to bring inflation down to the 2% target.

The Spot Market is Closed

Saturday, August 20, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
04.00
1,747.60
1,748.60
-11.10
-0.63%
1,746.00
1,760.80
Silver
04.00
19.06
19.16
-0.47
-2.38%
18.99
19.64
Platinum
04.00
896.00
906.00
-14.00
-1.54%
884.00
921.00
Palladium
04.00
2,060.00
2,210.00
-30.00
-1.44%
2,032.00
2,246.00
Rhodium
04.00
12,900.00
14,900.00
0.00
0.00%
12,900.00
14,900.00

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