Gold futures closed lower on Tuesday (Mar 14) as investors took profits after a three-day rally, following a rise in gold futures. The decrease in gold futures came as gold prices reached their highest levels in the last five weeks.
- Gold futures were down by $5.60, or 0.29%, to settle at $1,910.90/ounce.
- Silver futures, on the other hand, rose by 11.70 cents, or 0.53%, to close at $22.04/ounce.
- Platinum futures were down by $7.60, or 0.76%, at $997.30/ounce.
- Palladium futures rose by $41, or 2.8%, to close at $1,517.70/ounce.
Investors took profits after the gold futures rally for three consecutive sessions, particularly on Monday, when the contract rose nearly $50 to close at a five-week high due to safe-haven orders. The bankruptcy of Silicon Valley Bank (SVB) and Signature Bank (SB) also caused concerns among investors.
Another factor leading to the decrease in gold prices is the weakening US inflation numbers, which caused investors to reduce their holdings of gold as a safe-haven asset. The headline Consumer Price Index (CPI), which includes food and energy, rose by 6.0 percent in February, year on year. However, this slowed from 6.2 percent in January. The core CPI, which excludes food and energy, also slowed to 5.5 percent in February, year on year, from 5.6% in January.
Despite the recent dip in gold prices, the precious metal is still up by more than 2% year-to-date.
The Spot Market is Open
Wednesday, March 15, 2023
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 11.45 | 1,901.10 1,902.10 | -2.50 -0.13% | 1,899.70 1,906.70 |
| Silver 11.45 | 21.70 21.81 | +0.03 +0.14% | 21.60 21.94 |
| Platinum 11.45 | 983.00 993.00 | 0.00 0.00% | 979.00 1,000.00 |
| Palladium 11.45 | 1,446.00 1,596.00 | -9.00 -0.52% | 1,442.00 1,616.00 |
| Rhodium 05.00 | 8,100.00 10,100.00 | 0.00 0.00% | 8,100.00 10,100.00 |