Skip to main content Read accessibility statement

Forecasts, Commentary & Analysis on the Economy and Precious Metals

Daily newsletter

Rated by FeedSpot one of the
Top Ten gold blogs on the internet!

Gold drifts marginally higher as it looks to close out a dismal February
Yellow metal gives back $140 of the $340 price gain since last November

(USAGOLD – 2/27-2023) – Gold drifted marginally higher in directionless trade this morning as it looks to close out what’s been a dismal month. It is up $2 at $1815. Silver is down 5¢ at $20.80. Saxo Bank’s Ole Hansen sees renewed dollar strength and a weaker bond market as the two primary factors providing headwinds for gold. The yellow metal, he reminds us by way of perspective, gained $340 in the rally that began last November, and has now given back $140.

“For now,” he says in an advisory posted Friday, “gold is likely to take much of its directional inspiration from the dollar and, until we see another rollover, gold will continue to look for support. Demand for gold remains uneven, but in the short term we anticipate that central bank demand will more than offset a continued lack of appetite from investors in the ETF market where total holdings continue to be reduced, down by almost 50 tons since early November when gold began its strong run-up in prices.”

Gold and silver prices
(One month)
overlay line chart showing gold and silver prices for the month of February 2023
Chart courtesy of • • • Click to enlarge


“Mar­kets­ got ahead of them­selves in terms of pri­cing in Fed cuts, Investors were bet­ting that the Fed was going to get infla­tion down suc­cess­fully and quickly. I think this pro­cess is going to take longer than people thought.” – Idanna Appio, First Eagle Invest­ment Man­age­ment, via Financial Times

This entry was posted in Daily Market Report, dailyquotes, Today's top gold news and opinion. Bookmark the permalink.