Business News Asia
Gold fell by $31.8 as the strong dollar and U.S. Treasury yields weighed on the market
Gold futures closed below $1,700 on Thursday (Sept. 15) as a strong dollar and rising U.S. bond yields pressured the market.
- The gold futures fell $31.8, or 1.86%, at $1,677.3 an ounce.
- Silver was down 30 cents, or 1.53%, at $19.269 an ounce.
- The platinum contract was down $1.7, or 0.19%, at $903.7 per ounce.
- Palladium fell $26.60, or 1.2%, at $2,146.10 an ounce.
The dollar index rose against the six major currencies in a basket of currencies to 109.7400, making dollar-denominated gold contracts more expensive for investors holding other currencies.
The yield on 2-year U.S. treasury bonds, which responded to the Federal Reserve’s monetary policy, rose to over 3.8% and was well above the yields on 10- and 30-year U.S. treasury notes. Short-term bond yields rose again more strongly than long-term yields. As a result, the U.S. bond market has an inverted yield curve, indicating a recession.
CME Group’s latest FedWatch tool shows that 80% of investors expect the Fed to raise rates by 0.75% to 3.00-3.25% at its September 20-21 meeting, and 20% believe the Fed will raise rates by 1.00%.
The Spot Market is Open
Friday, September 16, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 12.10 | 1,663.50 1,664.50 | -1.80 -0.11% | 1,661.40 1,669.00 |
| Silver 12.10 | 19.15 19.25 | -0.02 -0.10% | 18.91 19.30 |
| Platinum 12.10 | 902.00 912.00 | -3.00 -0.33% | 899.00 915.00 |
| Palladium 11.00 | 2,068.00 2,218.00 | -3.00 -0.14% | 2,062.00 2,226.00 |
| Rhodium 05.00 | 12,950.00 14,950.00 | 0.00 0.00% | 12,950.00 14,950.00 |
