Gold closed $2.6 higher as dollar weakens slightly

Gold futures closed higher on Thursday (Oct. 20), supported by the dollar’s depreciation.

  • The gold futures were up $2.6, or 0.16%, at $1,636.8 per ounce.
  • Silver contracts were up 33 cents, or 1.8%, at $18.689 an ounce.
  • The platinum contract was up $34, or 3.86%, at $915.1 an ounce.
  • Palladium was up $84.10, or 4.2%, at $2,079.60 an ounce.

The dollar index against the six major currencies of a basket of currencies fell 0.1% to 112.8700.

The weakening of the dollar has made gold contracts denominated in dollars cheaper for investors holding other currencies.

However, the gold contract rose only slightly as investors fear that the Federal Reserve will raise interest rates faster to curb inflation.

Most recently, Patrick Harker, President of the Philadelphia Fed Branch, commented that the Fed’s recent rate hikes have done little to prevent inflation from rising. Therefore, the Fed must continue to raise rates. He said the Fed should raise rates above 4% by the end of the year.

Investors expect the Fed to raise interest rates by 0.75% at its monetary policy meetings in November and December. If this happens as expected, the Fed will raise rates by 0.75% for five consecutive meetings.

The Spot Market is Open

Friday, October 21, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
13.00
1,620.90
1,621.90
-7.20
-0.44%
1,619.70
1,629.50
Silver
13.00
18.51
18.61
-0.13
-0.67%
18.48
18.75
Platinum
13.00
908.00
918.00
-5.00
-0.55%
907.00
925.00
Palladium
13.00
1,962.00
2,132.00
-8.00
-0.40%
1,972.00
2,140.00
Rhodium
05.00
13,000.00
15,000.00
0.00
0.00%
15,000.00
16,000.00

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