Gold prices closed slightly lower on Friday, January 27th, but rose for the sixth week in a row after hitting nine-month highs earlier in the week. The gold futures were pressured by the dollar’s appreciation ahead of the Federal Reserve’s monetary policy meeting on January 31st – February 1st.
- Gold futures were down $0.6, or 0.03%, at $1,929.4/ounce and up 0.1% this week.
- Silver futures were down 39.8 cents, or 1.66%, at $23.62 an ounce.
- Platinum futures were down $6.2, or 0.61%, at $1,016.8/ounce.
- Palladium futures fell $64.10, or 3.9%, to settle at $1,599.70 an ounce.
The stronger dollar reduced the attractiveness of gold by making gold contracts more expensive for holders of other currencies. The dollar index against a basket of six major currencies was up 0.09% to 101.9240.
In addition, gold prices also declined due to the release of strong US economic data, leading investors to sell gold as a safe haven asset. A survey by the University of Michigan indicates that the final U.S. consumer sentiment index rebounded to 64.9 in January, the highest level since April 2022. It beat preliminary and analysts’ expectations of 64.6 after touching 59.7 in December.
Investors are now looking ahead to the Federal Reserve’s monetary policy meeting next week, where statements from Fed Chairman Jerome Powell may signal the direction of the Fed’s monetary policy.
The Spot Market is Closed
Saturday, January 28, 2023
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 05.00 | 1,927.50 1,928.50 | -2.60 -0.13% | 1,916.30 1,936.50 |
| Silver 05.00 | 23.59 23.69 | -0.31 -1.32% | 23.26 24.11 |
| Platinum 05.00 | 1,011.00 1,021.00 | -6.00 -0.59% | 997.00 1,031.00 |
| Palladium 05.00 | 1,546.00 1,696.00 | -61.00 -3.80% | 1,538.00 1,767.00 |
| Rhodium 05.00 | 10,550.00 12,550.00 | -350.00 -3.21% | 10,550.00 12,900.00 |