Gold prices saw a rally on Wednesday, just one week ahead of the US Fed’s March meeting on Dollar interest rates. The prices steadied at $30 per ounce below last Friday’s all-time spot market high as the US stock market made a slight retreat from the new all-time high it achieved on Tuesday night.
Information technology stocks ended Tuesday with a 2.8% increase for the month of March so far, while the S&P500 ex-IT index showed a rise of 1.0%, putting the index as a whole 1.5% higher from the end of the previous month. However, shares in AI chipmaker Nvidia (Nasdaq: NVDA) fell over 3% at today’s opening in New York after rebounding on Tuesday but failing to surpass last Thursday’s new high.
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In terms of Gold prices, the precious metal briefly touched $2,170 per troy ounce on Wednesday before edging back to $2,164, down 1.4% from Friday’s high. Silver prices, on the other hand, rebounded more significantly, recovering from the new 2024 highs around $24.50 per troy ounce. Platinum and Palladium also saw a rally towards multi-month highs at $930 and $1,070, respectively, following stronger than expected US inflation data.
As investors bet on next week’s Federal Reserve meeting, there is only a one in 100 chance that the US Central Bank will start cutting the cost of borrowing from the current two-decade highs. The consensus view for June remains unchanged, with no change now priced as a one in three shot for that month’s Fed meeting. The end year rate forecast has edged up to 4.56%, the highest in over 2 weeks, according to interest rate Futures data analyzed by derivatives exchanges like the CME.
In terms of rate-sensitive corporate US shares, sectors such as utilities and real estate have remained relatively unchanged for 2024 so far. Despite a 30% pullback in automaker Tesla, tech stocks are still up double-digit percentages for the year, while Industrial and financial services shares tied more to the outlook for growth have advanced at least 7%.
Shanghai gold prices slipped for a second session from Monday’s all-time high, while China’s CSI 300 index dropped 0.77% from Tuesday’s four-month high. European equities have gained 6.2% in Euro terms for 2024, with the Euro stocks 600 index rising towards its ninth all-time record closing high in the last month.
For Euro investors, gold prices rallied to €1,981 per troy ounce, 1.3% below Friday’s all-time high. In the UK, the gold price in pounds per ounce recovered to the previous record high weekend closing level.
In the world of cryptocurrencies, Bitcoin set a new record above $73,000, as crude oil prices rose, and major government bond prices slipped, pushing longer-term borrowing costs higher on benchmark US treasury debt.
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In conclusion, the gold price news on Wednesday showed a rally in gold prices ahead of the US Fed’s March meeting, with various factors affecting the market including interest rates, inflation data, and stock market movements. Investors need to stay informed and make decisions based on careful analysis and research.
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