Business News Asia
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 |
