Gold closes $8.4 higher ahead of Fed Chairman’s speech

Gold futures closed higher on Tuesday (Nov. 29) on expectations that the U.S. Federal Reserve (Fed) will slow its rate hikes. Investors will be watching Fed Chairman Jerome Powell’s speech for signs on the U.S. economy and inflation.

  • Gold futures rose $8.4, or 0.48%, to close at $1,763.7 per ounce.
  • Silver futures rose 31.1 cents, or 1.47%, to close at $21.436 per ounce.
  • Platinum futures rose $9.3, or 0.93%, to close at $1,008.60 per ounce.
  • Palladium futures were down $12.90, or 0.7%, at $1,833.90 per ounce.

Most investors expect the Fed to raise interest rates by 0.50% at its December 13-14 meeting, after raising them by 0.75% at the previous four meetings.

Investors are turning their attention to Fed Chairman Powell, who will speak about monetary and fiscal policy at a Brookings Institution event today (Nov. 30) where he will offer his views on developments in the U.S. economy, inflation and the labor market.

In addition, investors are waiting for the U.S. economic data. Today, the ADP private sector employment figures for November, the gross domestic product (GDP) for the third quarter of 2022 (2nd estimate) and the job openings and labor market turnover (JOLTS) numbers for October will be released.

The Spot Market is Open

Wednesday, November 30, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.00
1,755.20
1,756.20
+5.40
+0.31%
1,747.50
1,756.80
Silver
12.00
21.31
21.41
+0.08
+0.38%
21.17
21.43
Platinum
12.00
1,008.00
1,018.00
+8.00
+0.80%
999.00
1,018.00
Palladium
12.00
1,784.00
1,934.00
+32.00
+1.83%
1,752.00
1,942.00
Rhodium
21.00
12,000.00
14,000.00
0.00
0.00%
12,000.00
14,000.00

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