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MODEL PORTFOLIO THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
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June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
investment-ss-3
Reports
Policy rate views: Fed expected to do baby steps
September 18, 2025 DOWNLOAD
economy-ss-9
Economic Updates
Inflation Update: Faster but full-year average within target
September 5, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
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Monthly Economic Update: Waiting on Jay Powell
September 2, 2025 DOWNLOAD
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Economy 2 MIN READ

Gold edges higher on softer dollar; hawkish Powell caps upside

March 9, 2023By Reuters
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March 9 (Reuters) – Gold prices edged higher on Thursday as the dollar eased, although US Federal Reserve Chair Jerome Powell’s hawkish remarks limited further gains in zero-yielding bullion.

FUNDAMENTALS

* Spot gold was up 0.1% at USD 1,815.58 per ounce, as of 0046 GMT, after hitting a one-week low on Wednesday. US gold futures were unchanged at USD 1,819.10.

* The dollar index was down from three-month highs scaled on Wednesday, making bullion more affordable for buyers holding other currencies.

* Fed Chair Powell on Wednesday reaffirmed his message of higher and potentially faster interest rate hikes, but emphasized that debate was still underway with a decision hinging on data to be issued before the US central bank’s policy meeting in two weeks.

* Although gold is considered a hedge against inflation, interest rate hikes to control rising prices dims non-yielding bullion’s appeal.

* Investors’ focus will now be on the US jobs report for February due on Friday.

* Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday.

* Other data on Wednesday showed US job openings fell less than expected in January, pointing to persistently tight labor market conditions.

* Markets are pricing in a 50-basis-point hike at the Fed’s March 21-22 policy meeting.

* Spot silver was flat at USD 20.01 per ounce, platinum edged 0.1% higher at USD 938.23 and palladium firmed 0.2% to USD 1,375.47.

 

 

DATA/EVENTS (GMT)

0130 China PPI, CPI YY Feb

1330 US Initial Jobless Clm Weekly

 

 

(Reporting by Kavya Guduru in Bengaluru; Editing by Sherry Jacob-Phillips)

((Kavya.Guduru@thomsonreuters.com;))

This article originally appeared on reuters.com

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