Gold closed steady on Monday, March 6, as investors kept a close eye on Federal Reserve Chairman Jerome Powell’s statements ahead of his address to Congress this week.
- Gold futures closed unchanged from the previous trading day at $1,854.60 per ounce.
- Silver futures were down 0.48% at $21.135 an ounce.
- Platinum futures fell 0.08% to $978.60 an ounce.
- Palladium futures declined 1.7% to settle at $1,424.50 an ounce.
Powell is expected to give a biennial address to Congress on monetary policy and economic conditions this week, with scheduled appearances before the Senate Banking Committee on March 7 and the House Financial Services Committee on March 8.
Investors are closely watching Powell’s statements for any indication of the direction of the Fed interest rate, especially after Powell previously noted that the US economy was strong and inflation was higher than expected. Some market observers worry that the Fed may raise interest rates for a longer period to combat inflation.
Over the weekend, San Francisco Fed President Mary Daly said at a panel discussion at Princeton University that the Fed may need to raise interest rates for longer periods to curb inflation.
The Spot Market is Open
Tuesday, March 7, 2023
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 09.50 | 1,848.80 1,850.10 | +2.00 +0.13% | 1,843.70 1,851.10 |
| Silver 09.50 | 21.06 21.16 | +0.02 +0.10% | 20.99 21.19 |
| Platinum 09.40 | 977.00 987.00 | 0.00 0.00% | 971.00 988.00 |
| Palladium 09.40 | 1,363.00 1,513.00 | +17.00 +1.26% | 1,334.00 1,518.00 |
| Rhodium 06.00 | 9,000.00 11,000.00 | 0.00 0.00% | 9,000.00 11,000.00 |