Gold closed lower on rising U.S. treasury yields

Gold futures closed slightly weaker on Monday (Aug. 29) as rising U.S. Treasury yields pressured markets.

  • The gold contract was down 10 cents, or 0.01%, at $1,749.70 an ounce.
  • Silver was down 15.5 cents, or 0.82%, at $18.67 an ounce.
  • The platinum contract was down $1, or 0.12%, at $854.3 per ounce.
  • The palladium contract was down $2.40, or 0.1%, at $2,130.30 an ounce.

The yield on the 10-year U.S. Treasury yield rose to 3.115% overnight, increasing the cost of owning gold. Gold is an asset that does not yield interest.

Analysts at Oanda said that investors are waiting for the release of the U.S. employment figures on Friday. A higher-than-expected employment number could be a factor that encourages the Federal Reserve (Fed) to accelerate rate hikes, which will put pressure on gold prices.

Last Friday, gold futures fell more than $20 and slipped below $1,750 after the Federal Reserve (Fed) chairman reiterated that the Fed will continue to raise interest rates to curb inflation and that a larger rate hike is likely in September.

The Spot Market is Open

Tuesday, August 30, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
10.15
1,735.50
1,736.50
-1.70
-0.10%
1,733.80
1,741.50
Silver
10.15
18.65
18.75
-0.12
-0.64%
18.65
18.91
Platinum
10.15
857.00
867.00
-8.00
-0.92%
857.00
877.00
Palladium
10.15
2,062.00
2,212.00
-2.00
-0.10%
2,255.00
1,224.00
Rhodium
05.00
12,600.00
14,600.00
0.00
0.00%
12,600.00
14,600.00

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