Daily Gold Market Report

Gold pushes to higher ground looking to close out solid first week of March
China adds another 15 tonnes to its reserve holdings in January

(USAGOLD –3-3-2023) –  Gold pushed to higher ground this morning as it looks to close out a solid first week of March. It is up $12 at $1850. Silver is up 18¢ at $21.16. It will surprise some to know that gold is up $40 (+1.9%) since Monday; silver is up 41¢ (+2.2%). Central banks picked up where they left off last year, adding more gold to their coffers in January. According to the World Gold Council, China added another 15 tonnes, while Turkey bought 23 tonnes. Societe General, the French bank, sees 2023 “as the beginning of the end to US dollar strength” and advises its clientele to continue “rebalancing” out of the dollar and into gold. “Gold,” it says, “will be a powerful protection against a falling USD.” (Source: FX Street)

US Dollar Index and Gold
(2000-present)

Chart courtesy of TradingView.com • • • Click to enlarge