Gold closes $5.7 higher ahead of Fed meeting minutes release

Gold futures closed higher on Wednesday (Nov. 23) as investors awaited the release of the Federal Reserve’s November meeting minutes.

  • Gold futures rose $5.7, or 0.33%, to close at $1,745.6 per ounce.
  • Silver futures rose 31.8 cents, or 1.51%, to close at $21.367 per ounce.
  • Platinum futures rose $1.1, or 0.11%, to close at $996.8 per ounce.
  • The palladium contract rose $18.40, or 1%, to close at $1,875.90 per ounce.

According to the Labor Department, initial jobless claims rose 17,000 last week to a seasonally adjusted 240,000, above analysts’ expectations of 225,000.

The preliminary Purchasing Managers’ Index (PMI) for manufacturing and services sector in the U.S. fell to 46.3 in November, a three-month low (October: 48.2).

The PMI index remained below 50 for the fifth consecutive month, indicating that the U.S. business sector continues to contract.

Investors were waiting for the minutes of the Fed meeting not long after the close of trading on the gold market. The Fed’s Monetary Policy Committee (FOMC) released the minutes of its November 1-2 meeting, which stated, “A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate. The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited regarding why such an assessment was important.”

New York gold trading will be closed on Thursday, November 24, for Thanksgiving.

The Spot Market is Open

Thursday, November 24, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
13.15
1,754.10
1,755.10
+4.00
+0.23%
1,749.60
1,757.90
Silver
13.15
21.57
21.67
+0.01
+0.07%
21.51
21.79
Platinum
13.15
994.00
1,004.00
-2.00
-0.20%
993.00
1,009.00
Palladium
13.05
1,821.00
1,971.00
+9.00
+0.50%
1,812.00
1,980.00
Rhodium
06.00
12,100.00
14,100.00
0.00
0.00%
12,100.00
14,100.00

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