Metals Stocks: Gold weakens after 3-day winning streak as U.S. dollar climbs

by | Mar 2, 2023 | Stock Market

Gold prices declined early Thursday following a three-day winning streak as strength in the U.S. dollar weighed on the yellow metal. Price action
Gold futures for April delivery

fell by $6.30, or 0.3%, to $1,838 per ounce on Comex after rising for three straight sessions through Wednesday. Prices marked a monthly decline of 5.6% for February, the largest monthly loss for a most-active contract since June 2021, according to FactSet data.

Silver futures for May delivery

fell by 23 cents, or 1.1%, to $20.88 per ounce.

Palladium futures for June
declined by $15, or 1.1%, to $1,422 per ounce, while platinum futures for April
fell by $3.70, or 0.4%, to $958 per ounce.

Copper for May delivery
fell by 9 cents, or 2.2%, to $4.07 per pound.

Market drivers After finding support from a combination of strong Chinese economic data and a brief pullback in the U.S. dollar, gold prices are under pressure once again on Thursday

“Gold is snared in a U.S. dollar-driven regime but continues to find dip buyers as a hedge against a re-inflation of geopolitical risk premium,” said Stephen Innes, managing partner at SPI Asset Management. The ICE U.S. Dollar Index
a measure of the greenback’s strength against a basket of rivals, gained 0.4% to 104.95.

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