Gold closes up $3.9 as weak dollar boosts buying – Investors watch for U.S. inflation data this week

Gold futures closed higher on Monday (November 7) on the positive impact of the dollar depreciation. Meanwhile, investors eye on Thursday’s release of U.S. inflation figures for signs pointing to the direction of U.S. Federal Reserve (Fed) interest rates.

  • The gold futures were up $3.9, or 0.23%, at $1,680.5 per ounce.
  • Silver futures were up 13.5 cents, or 0.65%, at $20.919 an ounce.
  • Platinum was up $28.9, or 3.01%, at $989.4 an ounce.
  • The palladium contract was up $58, or 3.2%, at $1,897.50 an ounce.

Gold contracts supported by dollar depreciation. The dollar index against the six major currencies in a basket of currencies fell 0.68% to 110.1190.

A weakening dollar makes gold contracts priced in dollars cheaper and more attractive to investors holding other currencies.

Investors are awaiting the release of the U.S. Consumer Price Index (CPI) on Thursday. The CPI is an information that the Fed uses for its monetary policy decisions. A higher-than-expected reading could prompt the Fed to accelerate rate hikes.

The Spot Market is Open

Tuesday, November 8, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.55
1,669.70
1,670.70
-5.80
-0.35%
1,669.60
1,677.50
Silver
11.55
20.54
20.62
-0.28
-1.32%
20.53
20.98
Platinum
11.55
976.00
986.00
-7.00
-0.71%
975.00
994.00
Palladium
11.35
1,826.00
1,976.00
-6.00
-0.33%
1,822.00
1,986.00
Rhodium
06.00
12,300.00
14,300.00
0.00
0.00%
12,300.00
14,300.00

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