Gold futures closed down on Thursday (Mar. 2) as the strong dollar dragged the market, with gold contracts falling $4.90, or 0.27%, to $1,840.50/ounce.
The dollar’s strength against a basket of six major currencies, up 0.52% to 105.0284 overnight, weighed on the gold market, making gold contracts priced in dollars more expensive for investors holding other currencies.
Furthermore, the gold market was also pressured by concerns that the Federal Reserve (Fed) may raise interest rates for a longer period of time than expected, following the release of strong US labor market data. The Labor Department reported that initial jobless claims fell by 2,000 to a seasonally adjusted 190,000 last week, contrary to analysts’ expectations for an increase to 195,000.
The number of applications for unemployment benefits fell for the third straight week and stayed below the 200,000 level for seven straight weeks. However, these positive employment figures also led to concerns that the Fed may adopt a more hawkish stance on interest rates, further weighing on the gold market.
Silver futures were also down 19.40 cents, or 0.92%, at $20.901/ounce, while platinum futures rose slightly by $1.40, or 0.15%, to close at $963.20/ounce. Palladium futures rose $7.30, or 0.5%, to close at $1,444.90/ounce.
The Spot Market is Open
Friday, March 3, 2023
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 10.50 | 1,837.90 1,838.90 | +1.90 +0.10% | 1,835.90 1,842.00 |
| Silver 10.50 | 20.95 21.05 | +0.05 +0.26% | 20.90 21.15 |
| Platinum 10.50 | 962.00 1,972.00 | 0.00 0.00% | 959.00 975.00 |
| Palladium 10.10 | 1,364.00 1,514.00 | +4.00 +0.29% | 1,353.00 1,514.00 |
| Rhodium 06.00 | 8,300.00 10,300.00 | 0.00 0.00% | 8,300.00 10,300.00 |