Gold price and dollar rise slightly

Gold futures closed higher on Tuesday (Sept. 27), supported by a slight dollar appreciation. Investors remain concerned about the Federal Reserve (Fed) rate hike.

  • The gold futures were up $2.8, or 0.17%, at $1,636.2 per ounce.
  • Silver was down 14.3 cents, or 0.77%, at $18.337 an ounce.
  • The platinum contract was down $3.2, or 0.38%, to close at $846.9 an ounce.
  • The palladium futures were up $41.40, or 2%, at $2,090.40 an ounce.

The dollar index against the six major currencies in a basket of currencies rose only 0.0009%, slowing down after a strong rally for several days.

However, the positive movement of the gold contract was limited. Investors remain concerned about the Fed’s accelerated rate hikes. The Fed is expected to raise rates further in 2023, in contrast to earlier forecasts that the Fed will lower rates this year.

However, an increase in interest rates increases the cost of owning gold. This is because gold is an asset that does not yield interest.

The Spot Market is Open

Wednesday, September 28, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.00
1,623.30
1,624.30
-5.90
-0.36%
1,622.70
1,631.50
Silver
12.00
18.14
18.24
-0.22
-1.23%
18.13
18.52
Platinum
12.00
840.00
850.00
-7.00
-0.95%
838.00
859.00
Palladium
11.00
1,990.00
2,140.00
-19.00
-0.95%
1,984.00
2,160.00
Rhodium
05.00
12,750.00
14,750.00
0.00
0.00%
12,750.00
14,750.00

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