Gold closed up $13.3 – U.S. economic data and weak dollar support market

Gold futures closed higher on Friday (Sept. 2), with the weaker U.S. dollar boosting gold futures. This makes gold contracts less expensive for holders of other currencies.

The decline in U.S. treasury bond yields and disappointing U.S. economic data also boosted gold futures. This week, however, gold futures continued to weaken.

  • The gold futures were up $13.3, or 0.78%, at $1,722.6 per ounce. But gold futures are still down nearly 1.6% this week.
  • Silver futures were up 21.5 cents, or 1.22%, at $17.881 per ounce.
  • Platinum futures was up $12.8, or 1.59%, at $818.3 per ounce.
  • The palladium futures rose $29.80, or 1.5%, at $2,026.10 an ounce.

A weakening dollar will increase the attractiveness of gold as gold contracts become cheaper for holders of other currencies.

The decline in U.S. treasury bond yields will lower the cost of owning gold because gold is an asset that does not yield interest.

Gold futures were also driven by the release of data pointing to a slowdown in the U.S. economy. The number of non-farm payrolls declined in August.

The U.S. Bureau of Labor Statistics said Friday that nonfarm payrolls rose by 315,000 in August. This was down from 526,000 jobs in July. The unemployment rate rose to 3.7% from 3.5% in July.

In addition, gold contracts also gained support after the U.S. Department of Commerce said on Friday that U.S. factory orders fell 1.0% in July after gaining 1.8% in June.

The Spot Market is Closed

Saturday, September 3, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/Hight
Gold
04.00
1,712.50
1,713.50
+14.30
+0.84%
1,695.30
1,719.40
Silver
04.00
18.05
18.15
+0.25
+1.38%
17.77
18.40
Platinum
04.00
836.00
846.00
+8.00
+0.97%
826.00
858.00
Palladium
04.00
1,947.00
2,097.00
+17.00
+0.88%
1,921.00
2,116.00
Rhodium
04.00
12,600.00
14,600.00
0.00
0.00%
12,600.00
14,600.00

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