Business News Asia
Gold Prices Dip as Investors Take Profits Following Strong Rally, Eyeing Central Bank Policies and Economic Indicators
Gold futures closed lower on Tuesday, January 17th, as investors took profits after the market had risen for three consecutive trading sessions.
- Gold futures were down $11.8, or 0.61%, at $1,909.9 per ounce.
- Silver futures were down 30.4 cents, or 1.25%, at $24.068 per ounce.
- Platinum futures fell $25.6, or 2.39%, to close at $1,046.9 per ounce.
- Palladium futures fell $53.30, or 3%, to settle at $1,734 an ounce.
Gold prices dipped as investors took profits after a strong rally over the past week. According to analysts at Insignia Consultants, the 2.8% increase in gold futures was driven by expectations that the Federal Reserve would slow its rate hike and indications that inflation in the United States had peaked.
Investors hesitated to trade in gold last night as they waited for the results of the Bank of Japan’s monetary policy meeting. The BOJ has a history of loose monetary policy, which has led to low interest rates and a weak yen, making gold a more attractive investment. The release of the December producer price index in the United States also added to the uncertainty.
In addition to monitoring the Fed and the BOJ, investors are keeping an eye on China’s gold demand as the Chinese New Year approaches. The World Economic Forum in Davos, Switzerland is also being closely watched for any developments that may impact gold prices.
Overall, the near-term outlook for gold remains uncertain as investors weigh the potential impact of central bank policies and economic indicators.
The Spot Market is Open
Wednesday, January 18, 2023
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 11.20 | 1,897.40 1,898.40 | -11.30 -0.59% | 1,897.10 1,911.20 |
| Silver 11.20 | 23.85 23.95 | -0.05 -0.23% | 23.71 24.11 |
| Platinum 11.20 | 1,032.00 1,042.00 | -7.00 -0.67% | 1,030.00 1,051.00 |
| Palladium 10.15 | 1,658.00 1,808.00 | 0.00 0.00% | 1,650.00 1,808.00 |
| Rhodium 06.00 | 11,000.00 13,000.00 | 0.00 0.00% | 11,000.00 13,000.00 |
