Gold prices were little changed on Thursday, but have been on the back of losses this week as the dollar surged to a six-week high amid concerns about a hawkish Fed, with focus now turning to upcoming economic data for further clues on the U.S. economy and monetary policy.

World gold prices, February 23, 2023

 

According to investing.com, revised readings of US GDP (Q4) are due later today, with signs of continued economic resilience giving the Fed plenty of room to keep raising interest rates. Stronger-than-expected business activity readings have furthered that notion this week. January’s personal CPI is also due on Friday, and inflation is expected to remain stubbornly sticky throughout the month. The readings also further fuel calls by the Fed for a sharp rate hike in the coming months. Spot gold traded slightly around $1,824 an ounce, while gold futures fell 0.1% to $1,832 an ounce. Both are reported to be down about 0.4% this week.



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Minutes from the Fed’s most recent meeting released on Wednesday showed that most committee members agreed to raise interest rates for longer this year. But the committee’s call for a 25-bps hike was seen as outdated, given that data after the Fed meeting showed inflation was still more sticky than expected. Inflation readings from the euro area and Japan are also due this week, expected to show that price pressures remain elevated around the world, and could lead to tighter monetary conditions. Other precious metals traded lower on Thursday. Silver futures also fell about 0.6% to $21,530 an ounce. Platinum futures, meanwhile, fell 0.1% to $950.80 an ounce. Among other industrial metals, high-grade copper futures were subdued around $4.179 a pound, after dropping 1.1% on Wednesday. However, prices of the precious metal are up nearly 2% this week amid some signs of resilience in U.S. business activity and optimism about a recovery in China.

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