Business News Asia
Gold closes in the red – strong dollar weighs on the market
Gold futures closed lower on Wednesday (Oct. 5), with markets pressured by a strong dollar and a rise in U.S. Treasury yields. Meanwhile, investors are waiting for the release of U.S. labor market data tomorrow.
- The gold contract was down $9.7, or 0.56%, at $1,720.8 per ounce.
- Silver was down 55.5 cents, or 2.63%, at $20.544 an ounce.
- The platinum contract was down $19.1, or 2.05%, to close at $914.6 an ounce.
- Palladium fell $74.30, or 3.2%, at $2,255.90 an ounce.
The dollar index against the six major currencies in a basket of currencies rose 0.91% to 111.0740, while the yield on the 10-year U.S. Treasury bond rebounded to 3.773%.
The strong dollar has made gold contracts priced in dollars more expensive for investors holding other currencies, while a rise in U.S. Treasury bond yields will increase the cost of owning gold. This is because gold is an asset that does not yield interest.
The good U.S. labor market data also prompted investors to sell gold as a safe haven.
Automatic Data Processing, Inc (ADP) announced that private sector jobs in the U.S. rose by 208,000 in September from 185,000 in August.
Investors are waiting for tomorrow’s U.S. Department of Labor Statistics nonfarm payrolls numbers for September.
The Spot Market is Open
Thursday, October 6, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 12.00 | 1,722.40 1,723.40 | +6.00 +0.35% | 1,714.90 1,725.40 |
| Silver 12.00 | 20.80 20.90 | +0.17 +0.82% | 20.51 20.95 |
| Platinum 12.00 | 925.00 935.00 | +8.00 +0.87% | 916.00 936.00 |
| Palladium 11.50 | 2,210.00 2,360.00 | +2.00 +1.01% | 2,174.00 2,360.00 |
| Rhodium 05.00 | 12,900.00 14,900.00 | 0.00 0.00% | 12,900.00 14,900.00 |
