Gold price rises this week after dollar weakens

Gold futures closed higher on Friday (September 30) and rose this week. The key factor was the weakening of the U.S. dollar from its recent highs. However, gold contracts have been the weakest in the third quarter since March last year.

  • The gold futures were up $3.4, or 0.2%, at $1,672 an ounce.
  • Silver futures were up 32.7 cents, or 1.75%, to close at $19.039 an ounce.
  • The platinum contract was down $1.1, or 0.13%, at $859.1 an ounce.
  • The palladium was down $28.90, or 1.3%, at $2,182.20 an ounce.

Gold futures rose to their highest close since September 22, gaining 1% for the week. However, gold futures fell 3.1% for the sixth consecutive month in September and 7.5% in the third quarter.

The gold contract rose, driven by the dollar, which fell below the 20-year high. However, gold futures were not affected by rising inflation data in Europe and the U.S..

The dollar index against the six major currencies in a basket of currencies fell 0.12% to 112.1160.

A weakening dollar makes gold contracts priced in dollars cheaper for investors holding other currencies.

Gold futures were also boosted by the release of the Purchasing Managers’ Index (PMI) for the Chicago metropolitan area, which fell sharply to 45.7 in September from 52.2 in August. A reading below 50 indicates a contracting business environment.

The Spot Market is Open

Saturday, October 1, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
04.00
1,661.10
1,662.10
+0.70
+0.04%
1,659.10
1,676.80
Silver
04.00
19.02
19.13
+0.23
+1.22%
18.75
19.41
Platinum
04.00
859.00
869.00
-5.00
-0.58%
854.00
888.00
Palladium
04.00
2,094.00
2,244.00
-40.00
-1.87%
2,092.00
2,316.00
Rhodium
04.00
12,900.00
14,900.00
0.00
0.00%
12,900.00
14,900.00

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