Thursday, March 23, 2023
HomeMarketGold marginally higher as traders await U.S. inflation report

Gold marginally higher as traders await U.S. inflation report

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Gold prices were marginally higher early Tuesday in New York after settling at a 5-week low a day earlier as traders awaited an update about the pace of U.S. consumer price inflation in January.

Price action
  • Gold prices for April delivery

    rose $7, or 0.4%, to $1,870 per ounce on Comex.

  • Silver prices for March

    were off 4 cents, or 0.2%, at $21.80 per ounce.

  • Palladium for March
    delivery was up modestly at $1,542 per ounce, while platinum for April 
    was off $3.80, or 0.4%, at $955.60 per ounce.

  • Copper for March
    rose marginally to $4.068 per pound.

Market drivers

Gold prices settled at their lowest level in more than a month on Monday even as U.S. stocks climbed ahead of Tuesday’s U.S. inflation data.

Some on Wall Street warned that January inflation might come in hot after six months of deflation and this would likely weigh on the price of gold as a powerful three-month rally in the yellow metal has already started to unravel.

“A strong inflation reading could weigh heavily on the yellow metal and intensify the second wave of the correction,” said Craig Erlam, senior market analyst at OANDA.


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