Metals Stocks: Gold prices inch higher as investors await jobs report

by | Mar 9, 2023 | Stock Market

Gold prices edged higher on Thursday as the yellow metal looked to pare some of its losses from earlier in the week. Price action
Gold for April delivery

gained $2.90, or 0.2%, to $1,821 per ounce on Comex.

Silver for May delivery

fell by 1 cent, or 0.1%, to $20.14 per ounce.

Palladium for June delivery
declined by $11, or 0.8%, to $1,351 per ounce, while platinum for April
increased by $8.40, or 0.9%, to $949 per ounce.

Copper prices for May delivery
fell by 1 cent, or 0.1%, to $4.02 per pound.

Market drivers After a hectic week, dominated by a rise in U.S. Treasury yields and the dollar in the wake of comments by Federal Reserve Chair Jerome Powell on the need for higher interest rates, trading on Thursday was “quieter,” precious metals analysts said, as investors awaited Friday’s U.S. jobs report for February.

Economists polled by the Wall Street Journal expect the data to show 225,000 jobs were created last month, compared with the prior month’s blowout 517,000 number. “Look for higher volatility in many markets is the non-farm jobs print misses expectations,” said Jim Wyckoff, senior analyst at Kitco, in emailed commentary.

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