Gold closes up $12 as dollar weakens and markets await today’s inflation data

Gold futures closed higher Monday (Sept. 12) as the dollar’s depreciation and a drop in U.S. Treasury bond yields boosted gold buying. Today, investors are waiting for the release of the consumer price index (CPI) for August in the United States.

  • The gold futures were up $12, or 0.69%, at $1,740.6 per ounce.
  • Silver futures were up $1.093, or 5.82%, to close at $19.86 an ounce.
  • The platinum contract was up $27.3, or 3.11%, at $904.2 an ounce.
  • The palladium futures rose $97, or 4.5%, at $2,274.60 an ounce.

The dollar index against the six major currencies in a basket of currencies fell 0.62% to 108.3300, while the yield on the 10-year U.S. Treasury fell to 3.306%.

A weaker dollar will make gold contracts cheaper for holders of other currencies. The fall in US Treasury yields will reduce the cost of holding gold. Gold is an asset that does not return interest.

Investors are waiting today for the release of the consumer price index for August to find signs of the Fed’s interest rate decision at its meeting on September 20-21.

Analysts expect CPI to rise 8.1% year-on-year in August, a slowdown from 8.5% in July.

The Spot Market is Open

Tuesday, September 13, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
10.40
1,721.70
1,722.70
-2.70
-0.16%
1,720.00
1,708.40
Silver
10.40
19.63
19.73
-0.14
-0.68%
19.53
19.97
Platinum
10.40
901.00
911.00
-5.00
-0.55%
899.00
918.00
Palladium
10.40
2,118.00
2,268.00
-82.00
-3.73%
2,102.00
2,358.00
Rhodium
05.00
13,700.00
15,700.00
0.00
0.00%
13,700.00
15,700.00

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