Business News Asia
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 |
