Tuesday, February 7, 2023
HomeMarketGold prices steady near $1,800 per ounce after back-to-back gains

Gold prices steady near $1,800 per ounce after back-to-back gains

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Gold prices were flat on Thursday after tallying back-to-back gains as the recent rally again stalled out right around the $1,800 per ounce level.

Price action
  • February gold 
    GC00,
    +0.10%
     
    GCG23,
    +0.10%
    was flat at $1,797 per ounce on Comex.

  • Silver for March
    SI00,
    +0.49%
     
    SIH23,
    +0.49%
    delivery added 1 cent, or less than 0.1%, to $22.93 per ounce.

  • March palladium prices
    PAH23,
    +0.50%
    climbed by $4.70, or nearly 0.3%, to $1,859 per ounce, while January platinum
    PLF23,
    +0.09%
    rose $9.80, or 1%, to $1,026 per ounce.

  • Copper prices for March
    HGH23,
    +0.93%
    climbed 3 cents, or 0.8%, to $3.89 per pound.

Market drivers

Gold investors are looking at a lot of event risk in the coming days, including U.S. inflation reports on Friday and next week, as well as a meeting of the Federal Reserve where investors expect the central bank to raise its benchmark interest rate by 0.5 percentage points.

“The inflation data tomorrow and on Wednesday could give the yellow metal a boost but it’s the fear of entrenched inflation that could nudge the terminal rate higher. Investors will want to hear what the Fed has to say on the nasty wages surprise last week,” said Craig Erlam, senior market analyst at OANDA.

Credit: marketwatch.com

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