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Bullion Close to 2023 Lows On US Rate Tightening Prospects

GOLD

Gold prices fell by a moderate 0.5% on Wednesday. They were already falling in the lead up to the FOMC minutes which revealed that “a few” members called for a 50bp hike and the USD strengthened as a result. During APAC trading, bullion has been range bound and is up 0.1% to $1827.90/oz, close to the intraday high. The USD index is down 0.2%.

  • Gold prices remain above support at $1819.00, the February 17 low, but are close to this 2023 low. They are trading between the 50-day and 100-day simple moving averages.
  • Later the Fed’s Bostic and Daly speak. The Kansas and Chicago Fed indices and initial jobless claims print. There is also a revised estimate of Q4 US GDP.
Energy BulletsCommodities
Energy BulletsCommodities

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