Daily Gold Market Report

Gold drifts sideways in quiet trading
Europe: A clear sign inflation is not about to go quietly into the good night

(USAGOLD – 3/2/2023) – Gold drifted sideways in quiet trading this morning as the “higher for longer” rate scenario hung like a dark cloud over financial markets. It is down $2 at $1837. Silver is down 25¢ at $20.86. Many will take this morning’s Eurozone’s stickier-than-expected consumer price report as a further sign that inflation is not about to go quietly into the good night. The jobless claims number added to gold’s weakness, coming in lower than expected and adding to market worries about persistent inflation.

Eurozone inflation rate
(%, annualized)

Chart courtesy of TradingEconomics.com