Gold futures experienced a slight decline on Thursday, August 24th, influenced by a robust performance of the dollar. All eyes are now on the forthcoming speech by Federal Reserve Chairman, Jerome Powell, scheduled at the annual Jackson Hole meeting, where experts and investors anticipate hints about the central bank’s future stance on interest rates.
In the trading session, gold futures faced a marginal setback, dropping by $1, which accounted for a 0.05% decrease, eventually settling at $1,947.10 per ounce. Meanwhile, silver futures also registered a dip of 16.20 cents (0.66%) to reach $24.23 per ounce. Contrarily, platinum futures saw an uptick of $4.80 (0.51%), culminating at $943.00 per ounce. Palladium futures, however, experienced a more substantial decline of $36.80 (2.9%), closing at $1,244.60 per ounce.
The market sentiment regarding gold contracts remained bearish, largely influenced by a surge in the dollar index against a basket of six primary currencies, which exhibited an overnight increase of 0.55%, reaching 103.9863.The robust performance of the dollar has rendered gold contracts relatively less attractive to investors who hold other currencies. As the value of the dollar rises, the appeal of other assets, like gold, diminishes, as they become pricier in comparison.
Market participants are eagerly anticipating Federal Reserve Chairman Jerome Powell’s address at the ongoing Jackson Hole conference. Slated for 10:05 a.m. ET (8:05 a.m. GMT), Powell’s speech is titled “Structural Shifts in the Global Economy,” an indication of this year’s focus. The event draws attention not only from financial circles but also from central bank governors, finance ministers, and esteemed financial experts hailing from various corners of the globe, all congregating to discuss and analyze the evolving economic landscape.
The Spot Market is Open
Friday, August 25, 2023
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 07.30 | 1,914.90 1,915.90 | -1.50 -0.08% | 1,914.80 1,917.70 |
| Silver 07.30 | 24.11 24.21 | 0.00 0.00% | 24.11 24.24 |
| Platinum 07.30 | 936.00 946.00 | 0.00 0.00% | 936.00 948.00 |
| Palladium 07.20 | 1,210.00 1,270.00 | -2.00 -0.17% | 1,208.00 1,276.00 |
| Rhodium 05.00 | 3,450.00 4,650.00 | +50.00 +1.47% | 3,450.00 4,650.00 |