Gold futures closed more than 1% higher on Tuesday (Dec. 27), supported by a weaker dollar after China announced a faster-than-expected reopening of inbound and outbound travel in January 2023.
- Gold futures rose $18.9, or 1.05%, to close at $1,823.1 Per ounce.
- Silver futures rose 29.7 cents, or 1.24%, to close at $24.217 per ounce.
- Platinum futures rose 10 cents, or 0.01%, to close at $1,032.7 per ounce.
- Palladium futures rose $94.30, or 5.4%, to close at $1,826.30 per ounce.
The U.S. dollar weakened against major currencies as investors sold the greenback as a safe haven and bought risky assets after China announced it would open up the country to both inbound and outbound travel.
The China Immigration Service said China will resume issuing visas for mainland Chinese to travel abroad starting Jan. 8, 2023.
China’s National Health Commission (NHC) announced that it would lift quarantine measures for outbound travelers from Jan. 8, 2023, after imposing them for three years to curb the spread of COVID-19.
The depreciation of the dollar stimulates the gold market. This makes the dollar-denominated gold contract cheaper for investors holding other currencies. The dollar index was 0.17% lower overnight against a basket of six major currencies at 104.1510.
The Spot Market is Open
Wednesday, December 28, 2022
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 09.20 | 1,810.40 1,811.40 | -3.40 -0.19% | 1,809.30 1,815.80 |
| Silver 09.20 | 23.96 24.06 | -0.07 -0.29% | 23.93 24.15 |
| Platinum 09.20 | 1,015.00 1,025.00 | -5.00 -0.49% | 1,014.00 1,031.00 |
| Palladium 09.20 | 1,736.00 1,886.00 | -20.00 -1.14% | 1,736.00 1,911.00 |
| Rhodium 06.00 | 10,900.00 12,900.00 | 0.00 0.00% | 10,900.00 12,900.00 |