Gold contracts ended Monday (Jan. 30) lower, with the market influenced by a strong dollar and investors taking profits after six consecutive weeks of gains, the longest period since August 2020.
- Gold futures closed at $1,939.20/ounce, down $6.4 or 0.33%.
- Silver futures rose 11.1 cents to $23.733/ounce.
- platinum futures increased $3.8 to $1,020.6/ounce.
- palladium futures rose $28.30 to $1,628/ounce.
The appreciation of the dollar index, which measures the value of the dollar against a basket of six major currencies, was another factor that weighed on gold prices. The index rose 0.35% to 102.2850 overnight, making gold contracts, priced in dollars, more expensive for investors holding other currencies.
Investors are also keeping an eye on the upcoming monetary policy meetings of the world’s three leading central banks this week, with the Fed announcing the results of its meeting on Feb. 1 and most investors expecting a 0.25% interest rate hike. The ECB and the BoE will meet on Feb. 2, and analysts anticipate a 0.50% interest rate increase.
The Spot Market is Open
Tuesday, January 31, 2023
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 13.10 | 1,911.80 1,912.80 | -11.10 -0.58% | 1,911.30 1,927.60 |
| Silver 13.10 | 23.36 23.47 | -0.22 -0.91% | 23.35 23.77 |
| Platinum 13.10 | 1,002.00 1,012.00 | -8.00 -0.79% | 1,000.00 1,023.00 |
| Palladium 13.10 | 1,570.00 1,720.00 | -2.00 -0.13% | 1,564.00 1,729.00 |
| Rhodium 06.00 | 10,700.00 12,700.00 | 0.00 0.00% | 10,700.00 12,700.00 |