Business News Asia
Gold closes down $18.4 as strong dollar weighs on market – markets eye U.S. inflation data
Gold futures closed lower on Monday (Dec. 12) as dollar strength pressured the gold market. Investors today will keep an eye on the release of U.S. inflation data and the outcome of the Federal Reserve’s monetary policy meeting on Wednesday.
- Gold futures fell $18.4, or 1.02%, to settle at $1,792.3 an ounce.
- Silver futures were down 31.4 cents, or 1.32%, at $23.403 per ounce.
- Platinum futures fell $28.2, or 2.72%, to close at $1,008per ounce.
- Palladium futures fell $84.70, or 4.3%, to settle at $1,884.10 an ounce.
Gold futures are being pressured by the strength of the dollar. The dollar index against a basket of six major currencies rose 0.31% overnight to 105.1310. The strength of the dollar makes gold contracts more expensive for investors holding other currencies.
Investors are watching for the release of the U.S. Consumer Price Index (CPI) for November today (December 13), as well as the results of the Fed meeting on Wednesday, December 14. Fed Chairman Jerome Powell is also expected to deliver a statement on the Fed’s 2023 interest rate outlook and the release of the interest rate forecast (dot plot) at the meeting. This will signal the Fed’s interest rate outlook through 2025.
The European Central Bank (ECB) and the Bank of England (BoE) will meet on December 15, and analysts expect the Fed, ECB and BoE to raise interest rates by 0.50% at that meeting.
The Spot Market is Open
Tuesday, December 13, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 14.00 | 1,785.50 1,786.50 | +3.70 +0.21% | 1,780.80 1,787.50 |
| Silver 14.00 | 23.47 23.57 | +0.19 +0.82% | 23.26 23.62 |
| Platinum 14.00 | 1,003.00 1,013.00 | +5.00 +0.50% | 997.00 1,016.00 |
| Palladium 14.00 | 1,831.00 1,981.00 | +23.00 +1.27% | 1,800.00 1,981.00 |
| Rhodium 06.00 | 11,400.00 13,400.00 | 0.00 0.00% | 11,400.00 13,400.00 |
