Daily Gold Market Report

Gold trades marginally to the downside ahead of Powell testimony
‘High stakes’ testimony begins later today

(USAGOLD – 3/7/2023) – Gold traded marginally to the downside this morning as markets took to the sidelines ahead of Fed Chairman Powell’s two-day Congressional testimony beginning today. It is down $6 at $1843. Silver is down 15¢ at $20.97. This morning’s Financial Times characterized Powell’s testimony as “high-stakes” and his first public appearance since data releases “showed the central bank is still struggling to cool the US economy despite its year-long campaign of monetary tightening.” We should know more before the day is out, but for now, gold (and financial markets in general) looks to be on hold – albeit a wobbly hold.