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AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.


3/3/2023: Gold rises to 2.1% weekly gain

Source: Bill Musgrave, American Gold Exchange

Austin — Gold rose 0.8% to close near $1,855 as Treasury yields and the dollar retreated despite upbeat US data, boosting alternative stores of value. The metal gained 2.1% for the week, its biggest weekly advance since mid-January.

The ISM reported the US services sector expanded in February, signaling resilience in economy despite higher inflation and rising borrowing costs. Service industries held up better than manufacturing, which was stuck in contraction for a fourth month, according to an ISM survey released earlier this week.

Benchmark 10-year Treasury yields advanced briefly on the ISM data but reversed direction as investors took advantage of yields near 4.1% to buy up Treasury notes, pushing yields back under 4%. Falling yields help gold by decreasing the opportunity cost for holding it instead of bonds for safety.

Yields were also under pressure from comments yesterday by Atlanta Fed President Earl Bostic, who stated his "strong commitment" to no more than quarter-point rate hikes going forward. Warning that "there is a plausible case" for the economy "to see some more robust slowdown," he added that the Fed could pause hikes this summer.

The dollar fell 0.5% as traders reassessed the prospects for interest rates, posting a decline 0.5% for the week, its biggest since mid-January. A falling dollar supports gold and other commodities by making them less expensive on other currencies, lifting overseas demand.

The other precious metals were also higher for the day and week. Silver climbed 1.6% for a weekly rise of 2.1%. Platinum rallied 1.7% today and 7.9% this week. Palladium picked up another 0.3% for a 5.2% weekly win.

At the Comex close: April gold gained $14.10 to $1,854.60; May silver rose 34 cents to $21.24; April platinum picked up $16.20 to $979.40; and June palladium added $4.10, to $1,449 an ounce.

  

Metal Ask      Change
Gold $2,202.05           Price Change Up Arrow $1.26
Silver $24.60           Price Change Down Arrow $-0.22
Platinum $904.08           Price Change Down Arrow $-6.28
Palladium $1,029.23           Price Change Up Arrow $0.64
In US Dollars