Gold closes down $2.2 with U.S. GDP expected to grow in third quarter

Gold futures closed lower on Monday (Oct. 24), with markets pressured by rising U.S. Treasury yields. Investors are keeping an eye on key U.S. economic data this week, including third quarter gross domestic product (GDP) figures.

  • Gold fell $2.2, or 0.13%, at $1,654.1 an ounce.
  • Silver was up 12.3 cents, or 0.65%, at $19.189 an ounce.
  • The platinum contract was down $7.3, or 0.78%, at $926.6 an ounce.
  • Palladium fell $37.70, or 1.9%, at $1,967.80 an ounce.

Gold futures fell after U.S. treasury bond yields rose again. This increases the cost of owning gold, as gold is an asset that does not yield interest.

Gold contracts are driven by the depreciation of the dollar, which makes gold more attractive as gold contracts become cheaper for holders of other currencies.

Investors’ expectations that the Fed will raise interest rates by 0.75% at its December monetary policy meeting declined. It was reported that Fed officials began to express concerns about the impact of a rate hike.

Meanwhile, markets are looking ahead to Thursday’s release of U.S. gross domestic product (GDP) figures for the third quarter.

The Atlanta Fed said its latest GDPNow forecast model showed the U.S. economy grew 2.9% in the third quarter.

The Spot Market is Open

Tuesday, October 25, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.00
1,650.10
1,651.10
+0.40
+0.02%
1,647.30
1,655.90
Silver
12.00
19.27
19.38
+0.06
+0.34%
19.17
19.48
Platinum
12.00
923.00
933.00
-2.00
-0.22%
922.00
940.00
Palladium
12.00
1,911.00
2,061.00
+16.00
+0.84%
1,894.00
2,068.00
Rhodium
05.00
13,000.00
15,000.00
0.00
0.00%
13,000.00
15,000.00

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