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Gold prices retreated on Thursday as traders booked profits after the price of the yellow metal hit six-month highs.
Price action
-
Gold for February delivery
GC00,
-1.01%
GCG23,
-1.01%
fell $6.30, or 0.3%, to $1,852 per ounce on Comex, according to FactSet data. -
Silver for March delivery
SI00,
-1.98%
SIH23,
-1.98%
shed 29 cents, or 1.2%, to $23.69 per ounce. -
Palladium for March delivery
PLJ23,
-1.46%
rose $15.80, or 0.9%, to $1,812 per ounce, while platinum for April delivery
PAH23,
-0.21%
fell $6, or 0.5%, to $1,086 per ounce. -
Copper for March delivery
HGH23,
+1.83%
rose 8 cents, or 2.1%, to $3.82 per pound.
Market drivers
Precious-metals traders took profits in gold and silver after both traded at multi-month highs at the start of 2023. A marginally stronger U.S. dollar also helped to weigh on prices, analysts said.
“Gold prices have retraced from their recent highs for two reasons. Firstly, it is the strength of the dollar index which is pushing the price of the shining metal lower. Secondly, after the massive run in prices, it is absolutely normal for traders to book some profit off the table,” said Naeem Aslam, chief market analyst at AvaTrade.
The ICE U.S. Dollar Index
DXY,
a gauge of the buck’s strength against a basket of rivals, was up 0.3% to 104.58.
Gold prices also ticked lower after the U.S. ADP private-payrolls data showed 235,000 jobs were created in December, more than economists had expected, adding to concerns the economy is not slowing enough to prevent further Federal Reserve interest rate rises.
