Metals Stocks: Gold pulls back from 9-month high ahead of GDP report

by | Jan 26, 2023 | Stock Market

Gold prices traded lower on Thursday after the yellow metal logged its longest winning streak since August as investors awaited U.S. economic data including the first estimate of fourth quarter GDP. Price action
Gold prices for February 

fell by $6.30, or 0.3%, to $1,936 per ounce on Comex after settling at the highest level for a most-active contract in nine months on Wednesday.

Silver prices for March

declined by 8 cents, or 0.3%, to $23.86 per ounce.

March palladium  
was flat at $1,688 per ounce, while platinum for April
declined by $5.20, or 0.5%, to $1,040 per ounce.

Copper for March
rose by 1 cent, or 0.2%, to $4.25 per pound.

Market drivers A slight bump in the U.S. dollar was helping to weigh on prices of precious metals, market strategists said.

“US index futures had pulled back from their earlier highs, along with European indices, while the dollar had found mild support after selling off the day before. This in turn caused gold and silver to edge lower, as yields rose,” said Fawad Razaqzada, a market analyst at City Index and The ICE U.S. Dollar Index
a gauge of the dollar’s strength against a basket of rivals, rose 0.1% at 101.78.

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