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 |