Gold closed 10 cents lower on profit taking

Gold futures closed lower on Tuesday (Nov. 15) as investors took profits after gold futures rose for three straight trading days.

  • Gold futures were down 10 cents, or 0.01%, at $1,776.8 an ounce.
  • Silver futures were down 59.5 cents, or 2.69%, at $21.518 per ounce.
  • Platinum futures were down $10.6, or 1.03%, at $1,022.4 per ounce.
  • Palladium futures rose $38.80, or 2.5%, to settle at $2,078.30 per ounce.

Investors took profits after the gold contract rose for three straight days. However, the gold contract declined only slightly as the market is driven by expectations that the Federal Reserve (Fed) will slow down its rate hike. News from the U.S. showed that the Producer Price Index (PPI) rose 8% year-on-year in October, down from 8.4% in September.

In addition, the depreciation of the dollar is also a factor in the gold market. The dollar index was 0.24% lower against a basket of six major currencies at 106.4070.

The depreciation of the dollar makes gold contracts denominated in dollars cheaper for investors holding other currencies.

The Spot Market is Open

Wednesday, November 16, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.00
1,770.50
1,771.50
-8.70
-0.49%
1,770.50
1,782.60
Silver
11.00
21.39
21.49
-0.14
-0.63%
21.39
21.72
Platinum
11.00
1,008.00
1,018.00
-6.00
-0.59%
1,008.00
1,028.00
Palladium
11.00
2,018.00
2,168.00
-24.00
-1.18%
2,018.00
2,198.00
Rhodium
06.00
12,450.00
14,450.00
0.00
0.00%
12,450.00
14,450.00

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