Gold futures saw a decline on Thursday (Feb. 2) as the strength of the dollar overshadowed signals from Federal Reserve Chairman Jerome Powell indicating a slowdown in rate hikes.
- The gold futures closed at $1,930.8/ounce, down $12 or 0.62%.
- silver futures rose 0.6 cents, or 0.03%, to close at $23.615/ounce.
- Platinum futures saw a rise of $30.9, or 3.08%, closing at $1,032.6/ounce.
- Palladium futures also rose $10, or 0.6%, settling at $1,642.60/ounce.
Earlier, gold futures had risen following the Federal Reserve’s 0.25% interest rate hike at its meeting on Wednesday, which was in line with expectations. As Fed Chairman Jerome Powell stated at the post-meeting press conference, disinflation in the United States has started to appear, seen as a signal to slow down the rate hike by investors.
However, the gold contract later fell due to the appreciation of the dollar putting pressure on the market. The dollar index against a basket of six major currencies rose 0.56% to 101.7540 overnight.
The strength of the dollar makes gold contracts, priced in dollars, more expensive for investors holding other currencies. Investors are now waiting for the release of the US nonfarm payrolls report, with analysts expecting job numbers to rise by only 187,000 in January, after adding 223,000 jobs in December. The unemployment rate is expected to increase to 3.6% in January from 3.5% in December.
The Spot Market is Open
Friday, February 3, 2023
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 11.40 | 1,914.50 1,915.50 | +1.90 +0.10% | 1,911.60 1,919.20 |
| Silver 11.40 | 23.49 23.59 | +0.05 +0.19% | 23.41 23.68 |
| Platinum 11.40 | 1,023.00 1,033.00 | +2.00 +0.20% | 1,019.00 1,034.00 |
| Palladium 11.40 | 1,598.00 1,748.00 | +7.00 +0.44% | 1,586.00 1,750.00 |
| Rhodium 06.00 | 10,700.00 12,700.00 | 0.00 0.00% | 10,700.00 12,700.00 |