Gold futures closed lower on Wednesday (March 29) due to the strengthening dollar, putting pressure on the market. The release of the Personal Consumption Expenditure (PCE) price index, which will indicate the direction of the Federal Reserve (Fed) interest rates, also added to investor caution.
Gold futures closed down $5.90, or 0.30%, at $1,984.50/ounce, while silver futures rose 4.60 cents, or 0.20%, settling at $23.466/ounce. Platinum futures rose $5.50, or 0.57%, closing at $977.40/ounce, and palladium futures rose $22.40, or 1.6%, settling at $1,437.10/ounce.
Insignia Consultants analyst Christian Carnani noted that investors took profits after gold futures failed to rise above the $1,990 resistance level. The stronger dollar, which was up 0.21% at 102.6478 overnight against a basket of six major currencies, made gold more expensive for investors holding other currencies.
Investors are now eagerly awaiting the release of the US Personal Consumption Expenditure (PCE) Price Index on Friday. The PCE index is the Fed’s primary gauge of inflation, as it is more comprehensive than the Consumer Price Index (CPI) data and covers a broader range of prices for goods and services.
The Spot Market is Open
Thursday, March 30, 2023
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 08.20 | 1,959.10 1,960.10 | -5.70 -0.29% | 1,957.20 1,965.10 |
| Silver 08.20 | 23.28 23.38 | -0.05 -0.24% | 23.25 23.42 |
| Platinum 08.20 | 964.00 974.00 | -4.00 -0.41% | 962.00 978.00 |
| Palladium 08.00 | 1,380.00 1,530.00 | 0.00 0.00% | 1,368.00 1,530.00 |
| Rhodium 05.00 | 7,225.10 9,225.00 | 0.00 0.00% | 7,225.00 9,225.00 |