Gold closes $7.3 lower as stronger dollar puts pressure on the market

Gold futures closed lower on Wednesday (Dec. 28) as the market came under pressure from the strong dollar.

  • Gold futures were down $7.3, or 0.4%, at $1,815.8 per ounce.
  • Silver futures were down 37.7 cents, or 1.56%, at $23.84 per ounce.
  • Platinum futures fell $12.5, or 1.21%, to close at $1,020.2 per ounce.
  • Palladium futures were down $41.30, or 2.3%, at $1,785 an ounce.

The gold contract slipped from $1,820 as dollar strength made dollar-denominated gold contracts more expensive for investors holding other currencies. The dollar index was 0.31% higher overnight against a basket of six major currencies at 104.4770.

On Tuesday (Dec. 27), gold futures rose more than 1.05% to close at $1,823.1 per ounce. This was supported by a weaker dollar after China announced an earlier-than-expected reopening of inbound and outbound travel in January next year.

The SPDR Gold Trust, the world’s largest gold exchange-traded fund, saw its gold holdings rise 0.6% to 918.51 tons on Tuesday.

The Spot Market is Open

Thursday, December 29, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
10.20
1,807.70
1,808.70
+3.30
+0.18%
1,803.70
1,810.50
Silver
10.20
23.59
23.69
+0.09
+0.38%
23.47
23.70
Platinum
10.20
1,011.00
1,021.00
+5.00
+0.50%
1,005.00
1,021.00
Palladium
09.15
1,718.00
1,868.00
-2.00
-0.12%
1,711.00
1,868.00
Rhodium
06.00
10,900.00
12,900.00
0.00
0.00%
10,900.00
12,900.00

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