Gold closes lower as U.S. Treasury yields puts pressure on market

Gold futures closed lower Thursday (Sept. 29) as rising U.S. Treasury yields pressured gold markets.

  • The gold contract was down $1.4, or 0.08%, to close at $1,668.6 per ounce.
  • Silver was down 16.8 cents, or 0.89%, at $18.712 an ounce.
  • The platinum was down 60 cents, or 0.07%, at $860.2 an ounce.
  • The palladium contract was up $42, or 1.9%, at $2,211.10 an ounce.

The yield on 2-year Treasury bonds, which responds to the Federal Reserve’s monetary policy, rose above 4.2%. This makes gold less attractive because gold does not yield interest.

The good U.S. labor market data also prompted investors to sell gold.

The Labor Department reported that initial claims for unemployment benefits fell by 16,000 last week to 193,000, the lowest level since April.

The Spot Market is Open

Friday, September 30, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.10
1,663.60
1,664.60
+3.20
+0.19%
1,659.10
1,666.20
Silver
12.10
18.88
18.98
+0.08
+0.40%
18.75
19.00
Platinum
12.10
866.00
876.00
+2.00
+0.23%
862.00
878.00
Palladium
11.45
2,116.00
2,266.00
-18.00
-0.84%
2,113.00
2,300.00
Rhodium
05.00
12,900.00
14,900.00
0.00
0.00%
12,900.00
14,900.00

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