Business News Asia
Gold Futures Closed Slightly Higher on Expectations of Delayed Fed Rate Hike
Gold futures closed higher on Monday, January 23rd, buoyed by expectations that the Federal Reserve (Fed) will delay a rate hike at its next meeting next week.
- Gold futures rose 40 cents, or 0.02%, to settle at $1,928.60 an ounce.
- Silver futures were down 38.1 cents, or 1.59%, at $23.554 an ounce.
- Platinum futures rose $8.5, or 0.81%, to close at $1,056.3/ounce.
- Palladium futures fell $21.80, or 1.3%, to settle at $1,701.40 an ounce.
Gold continues to move at its highest level since April 2022, driven by the forecast that the Fed will slow down on rate hikes and will likely end the rate hike cycle as inflationary pressure continues to decrease. Investors are putting almost 100% weight in their forecasts that the Fed will raise interest rates by only 0.25% to 4.50-4.75% in the meeting on Jan. 31-Feb. 1 after the consumer price index (CPI) and the US producer price index (PPI) indicate that US inflation has passed its peak.
The Fed’s delay in rate hikes will pressure the dollar down, making gold contracts, priced in dollars, cheaper for investors holding other currencies.
The Spot Market is Open
Tuesday, January 24, 2023
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 11.10 | 1,932.40 1,933.40 | +1.80 +0.09% | 1,930.40 1,938.10 |
| Silver 11.10 | 23.48 23.58 | +0.05 +0.19% | 23.35 23.68 |
| Platinum 11.10 | 1,048.00 1,058.00 | 0.00 0.00% | 1,046.00 1,062.00 |
| Palladium 11.05 | 1,646.00 1,796.00 | +6.00 +0.37% | 1,638.00 1,802.00 |
| Rhodium 06.00 | 11,000.00 13,000.00 | 0.00 0.00% | 11,000.00 13,000.00 |
