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Wednesday, March 29, 2023

Gold rises and cuts streak of three consecutive falls

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The gold prices rise this Thursday March 9 in a relatively narrow range and break the streak of three consecutive falls, in a day in which the operators are waiting for US employment datawhich could influence the Federal Reserve monetary policy.

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The gold futures in United States improve 0.7%until the $1,831.75.

gold rises slightly given that people are buying into falling pricesbut the situation does not look very encouraging for the bullion with the perspective of higher interest rates for longersaid the independent analyst ross norman.

On Wednesday, Federal Reserve Chairman Jerome Powellreaffirmed his message of higher and potentially faster rate hikesbut stressed that the debate is still ongoing and the decision depends on data to be released before the US central bank’s policy meeting in two weeks.

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In that framework, last Wednesday gold reached its lowest level since February 28. Prices, however, traded in a tight $8 range.

For his part, he dollar index fell 0.2%, after hitting three-month highs in the previous session. AND greenback weakness makes bullion more attractive.

On Friday will be published US Department of Labor Nonfarm Payrollswhich will be scrutinized by the operators in search of confirmation that the working market remains strong and therefore the economy is strong enough to accept rate increases, but a below-expected report would play in gold’s favor, according to Norman.

In other precious metals, the silver spot earns 0.4%, at $20.09 an ounce; he platinum rises 0.2%, to u$s939.13, and the palladium it loses 0.6%, to u$s1,364.21.

Source: Ambito

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