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


3/6/2023: Gold flat ahead of Powell

Source: Bill Musgrave, American Gold Exchange

Austin — Gold ended unchanged at $1,854.60 as investors tread water ahead of this week's testimony before Congress by Fed Chair Jerome Powell and Friday's release of crucial payrolls data. The metal ended last week with a gain of 2.1%, its first weekly advance since January.

Powell will speak before committees in the Senate on Tuesday and the House on Wednesday to discuss monetary policy and the Fed's viewpoint on inflation. While the Fed Chair is not expected to say anything definite about interest rates, he is expected to send hawkish signals that there is more work to do to bring inflation under control.

The Fed has been surprised by the strength of some recent economic reports, leading the markets to price in higher rates for longer. The PCE index, its preferred inflation gauge, rose 0.6% in January, pushing the annual rate higher for the first time in months.

In addition, the economy added a whopping 517,000 jobs in January, reflecting a much hotter labor market than expected. But if this Friday's release of the February nonfarm payrolls report is significantly lower, the Fed may view January as an outlier and be less inclined to accelerate rate hikes.

Benchmark 10-year Treasury yields inched up slightly to 3.98% while the dollar edged down slightly, shaving 0.1% against major rivals.

The other precious metals were lower, with silver sliding 0.5% while platinum dipped 0.1% and palladium lost 1.7%.

At the Comex close: April gold was flat at $1,854.60; May silver dropped a dime to $21.14; April platinum shed 80 cents to $978.60; and June palladium lost $24.50 to $1,424.50 an ounce.

  

Metal Ask      Change
Gold $2,220.84           Price Change Up Arrow $20.05
Silver $25.07           Price Change Up Arrow $0.25
Platinum $921.88           Price Change Up Arrow $11.52
Palladium $1,055.66           Price Change Up Arrow $27.07
In US Dollars