Daily Market Report

Gold trades to the upside after finding support near the $1800 mark
London-based Norman reports ‘good bargain hunting on the lows’

(USAGOLD – 3//1/2023) – Gold continued higher this morning in a follow-up to yesterday’s sharp upside reversal near the $1800 mark. It is up $11 in the early going at $1840. Silver is up 18¢ at $21.15. London-based gold market analyst Ross Norman told Reuters earlier today that “the [gold] market is cautiously optimistic” after China reported manufacturing growing at its fastest pace in a decade. A stronger Chinese economy is likely to boost local gold demand. “Gold,” Norman added, “was clearly oversold and we’re seeing good bargain hunting on the lows, having found technical support at the $1,808 level … the market looks poised to firm but cautiously so, with U.S. inflation-linked data being a constant driver.”

Gold price
(Five day)

Chart courtesy of TradingView.com