Gold closes up $3.5 and benefits from weaker dollar

Gold futures closed higher on Thursday (Dec. 8), supported by a weak dollar. Investors are watching the release of U.S. inflation figures and the Federal Reserve (Fed) monetary policy meeting next week.

  • Gold futures rose $3.5, or 0.19%, to close at $1,801.5 per ounce.
  • Silver futures rose 32.4 cents, or 1.41%, to close at $23.246 per ounce.
  • Platinum futures rose $3.1, or 0.31%, to close at $1,014.6 per ounce.
  • Palladium futures rose $76.50, or 4.1%, to close at $1,930.80 per ounce.

The dollar index was 0.31% lower against a basket of six major currencies at 104.7760, which supported gold prices. The depreciation of the dollar makes gold contracts quoted in dollars cheaper for investors holding other currencies.

The market was also supported by reports that the Chinese central bank is buying gold, including the forecast that demand for gold in China will increase significantly with the opening of the country.

Investors are waiting for the release of the Producer Price Index (PPI) for November in the U.S. and the Fed’s monetary policy meeting on Dec. 13-14. December 14, as well as a speech by Fed Chairman Jerome Powell, which will provide insight into the direction of Fed interest rates in 2023.

The Spot Market is Open

Friday, December 9, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.40
1,797.40
1,798.40
+7,90
+0.44%
1,788.30
1,799.20
Silver
12.40
23.26
23.36
+0.20
+0.89%
23.05
23.41
Platinum
12.40
1,014.00
1,024.00
+9.00
+0.90%
1,005.00
1,025.00
Palladium
12.10
1,846.00
1,996.00
-2.00
-0.11%
1,837.00
2,001.00
Rhodium
08.00
11,600.00
13,600.00
0.00
0.00%
11,600.00
13,600.00

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