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Tuesday, March 21, 2023

Gold climbed more than 1% and ended a streak of three consecutive falls

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Spot gold rose 1.1% to $1,832.75 an ounce, after hitting its lowest level since February 28 on Wednesday. Gold futures in the United States were up 0.9% at $1,834.60.

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The number of Americans filing new claims for unemployment benefits increased more than expected, but the underlying trend it remained consistent with a tight labor market.

The dollar index fell 0.4% after touching three-month highs in the previous session. The weakness of the greenback makes bullion more attractive.

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

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Non-farm payrolls from the US Department of Labor will be released on Friday, which will be scrutinized by traders looking for confirmation that the labor market remains strong and, therefore, the economy is strong enough to accept increases rates, but a below-expected report would play in gold’s favour, according to Norman.

In other precious metals, spot silver gained 0.6% to $20.12 an ounce; platinum rose 0.8% to $945.02 and palladium added 2.1% to $1,401.53.

Source: Ambito

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