Gold price weaker in wake of upbeat U.S. economic data – Kitco NEWS

by | Jan 26, 2023 | Financial

Welcome to Kitco News’ 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
(Kitco News) – Gold prices are moderately down in early U.S. trading Thursday, following some better-than-expected U.S. economic data that falls into the camp of the monetary policy hawks. More routine profit-taking pressure is featured following recent gains that saw gold prices poke to a nine-month high overnight. February gold was last down $7.50 at $1,935.30 and March silver was up $0.059 at $24.00.
The U.S. data point of the day Thursday is the advance estimate for fourth-quarter gross domestic product. GDP in 1Q came in at up 2.9%, which was slightly above market expectations for a rise of 2.8%, year-on-year, and compares to a 3.2% rise in the third quarter. Other U.S. data released so far today has also been upbeat. Gold prices dipped a bit farther on the news after seeing some selling pressure overnight.
Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. The U.S. stock indexes are enjoying near-term price uptrends on the daily charts, to suggest further gains in the short term.  
The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil futures prices are a bit firmer and trading around $80.75 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.50 …

Article Attribution | Read More at Article Source

Share This