Thursday, March 30, 2023
HomeMarketGold prices modestly higher ahead of Powell remarks

Gold prices modestly higher ahead of Powell remarks

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Gold prices traded modestly higher on Tuesday as the yellow metal continued to recoup some of the sharp fall seen after the U.S. January employment report published Friday.

Price action
  • Gold for April

    delivery rose $4.40, or 0.2%, to $1,884 per ounce on Comex.

  • Silver for March delivery

    rose 5 cents, or 0.2%, to $22.29 per ounce.

  • March palladium
    fell by $11.40, or 0.7%, to $1,568 per ounce, while April platinum
    gained $1.30, or 0.1%, to $975 per ounce.

  • March copper
    was flat at $4.034 per pound.

Market drivers

The latest selloff in gold may have stalled out around the $1,860 per ounce level, precious metals strategists said. Later Tuesday though, traders will be scrutinizing remarks from Federal Reserve Chairman Jerome Powell, who is set to speak at 12:40 p.m. New York time at the Economic Club of Washington DC.

Tuesday’s speech marks the first time investors will be hearing from Powell since Friday’s U.S. jobs report. It’s also Powell’s first remarks since last week’s Fed policy meeting, where he surprised investors by refusing to push back against the loosening of financial conditions in recent months.

“Investors remain precariously perched ahead of Chair Powell’s keynote speech later in the day, hoping for the best but hedging for the worst,” said Stephen Innes, managing partner at SPI Asset Management.


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