Daily Gold Market Report

Gold trades cautiously to the downside in follow-up to last week’s strong showing
Commerzbank thinks gold might have bottomed

(USAGOLD –3/6/2023) – Gold traded cautiously to the downside this morning in the follow-up to last week’s strong showing. It is down $6 at $1853. Silver is down 16¢ at $21.18. Germany’s Commerzbank sees last week’s rally as an indicator gold may have bottomed. “By the end of the month,” says the bank, “the expected rate peak had been pushed back into the autumn – what is more, it is now set to total almost 5.5%, which is around 70 bps higher than envisaged at the start of the month. Moreover, there is no longer any expectation of rate cuts this year. The price increase seen [last] week despite even higher interest rate expectations could indicate that the correction of the gold price is more or less complete and that the price may have bottomed out at the beginning of the week.” (Source: FXStreet)

Gold price
(Five days)

Chart courtesy of TradingView.com