Gold, Silver Climb as Dollar Falls to 2-Week Low

Dow Jones2022-09-12

Gold and silver prices advanced on Monday, extending their gains from late last week as the U.S. dollar hits a two-week low and Treasury yields pull back, helping to bolster demand for precious metals ahead of Tuesday's critical inflation update.

Price action

Gold futures for December delivery climbed $12.7, or 0.73%, to $1,741.30 per ounce on Comex.

December silver climbed 85 cents, or 4.55%, to $19.62 per ounce.

Palladium futures for December delivery climbed $59.9, or 2.75%, to $2,237.5.

Copper futures due in December climbed 3 cents, or 0.88%, to $3.599 per pound.

What analysts say

Gold traded at its highest level in two weeks, while silver traded at its highest level in a month, with analysts attributing their moves to the weakness in the dollar, as well as lower Treasury yields.

Jim Wyckoff, senior analyst at Kitco, attributed the advance to the drop in the ICE U.S. Dollar Index , a gauge of the dollar's strength against a basket of rivals. It was off 0.8% to 108.09, its lowest level in two weeks.

"Gold and silver prices are posting good advances in early U.S. trading Monday, boosted by another sharp decline in the U.S. dollar index, which hit a two-week low overnight," Wyckoff wrote.

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Comments

  • Annalz
    2022-09-13
    Annalz
    Add oil add power 
  • Tanyl
    2022-09-12
    Tanyl
    Gold start to rise
  • hotwheels
    2022-09-12
    hotwheels
    Gold futures for December delivery climbed $12.7, or 0.73%, to $1,741.30 per ounce on Comex.
  • ConanToh
    2022-09-12
    ConanToh
    tiger
  • luckyjas
    2022-09-12
    luckyjas
    Good to read
  • imsomeonelse
    2022-09-12
    imsomeonelse
    I love gold
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