Gold closes $7.5 higher after Fed vice chairman hints at slowing rate hikes

Gold futures closed higher on Monday (Nov. 14) after Federal Reserve Vice Chairman Lael Brainard signaled that the Fed would soon slow rate hikes.

  • Gold futures rose $7.5, or 0.42%, to close at $1,776.9 per ounce.
  • Silver futures rose 44.6 cents, or 2.06%, to close at $22.113 per ounce.
  • The platinum contract was down $5.1, or 0.49%, at $1,033 an ounce.
  • The palladium contract was up $13, or 0.6%, at $2,039.50 an ounce.

Brainard said Monday that the Fed may raise interest rates soon, which she believes is the right thing to do.

Her comments prompted investors to speculate that the Fed might slow rate hikes at its December meeting. The CME Group’s FedWatch tool shows that investors were 80.6% confident that the Fed would raise rates by 0.50% at its December 13-14 meeting, and only 19.4% confident that the Fed would raise rates by 0.75%.

The gold market was pressured by the strength of the dollar. The dollar index against the six major currencies in a basket of currencies rose 0.34% to 106.6590.

The strength of the dollar makes gold contracts quoted in dollars more expensive for investors holding other currencies.

The Spot Market is Open

Tuesday, November 15, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.20
1,773.20
1,774.20
+1.50
+0.09%
1,767.20
1,774.70
Silver
12.20
22.06
22.16
+0.09
+0.39%
21.87
22.18
Platinum
12.20
1,019.00
1,029.00
0.00
0.00%
1,010.00
2,112.00
Palladium
12.20
1,955.00
2,105.00
-10.00
-0.51%
1,955.00
2,112.00
Rhodium
06.00
12,450.00
14,450.00
0.00
0.00%
12,450.00
14,450.00

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