Gold edges higher to cap off quarterly advance
NEW YORK (March 31) Gold prices traded marginally higher on Friday to cap off a quarter that saw prices for the yellow metal climb by roughly 9%, according to FactSet data.
Price action- The June gold contract GC00, 0.15% GCM23, 0.17% climbed by $1.50, or 0.1%, to $1,998 per ounce on Comex. On Thursday, prices settled at their highest since March 10, 2022, according to a Dow Jones Market Data analysis of FactSet data.
- Silver for May delivery SI00, 0.69% SIK23, 0.71% rose 10 cents, or 0.4%, to $24.10 per ounce.
- Palladium for June delivery PAM23, 1.63% increased by $25, or 1.7%, to $1,489 per ounce, while platinum for July PLK23, +0.91% fell by $3, or 0.3%, to $993.50 per ounce.
- Copper for May delivery HGK23, -1.03% declined by 3 cents, or 0.7%, to $4.061 per pound.
Gold has benefited this quarter from expectations that Federal Reserve interest-rate hikes might soon come to an end, while a crisis of confidence in U.S. regional banks and some major European lenders helped bolster the yellow metal thanks to safe-haven flows.
“It’s been a very good start to the year for gold and the banking turmoil in March was another very bullish catalyst for it,” said Craig Erlam, senior analyst at OANDA.
Traders are looking ahead Friday to the release of the U.S. personal consumption expenditures data, particularly its reading on consumer-price inflation, which is closely watched by the Fed.
Gold has been rising since October, and also saw strong quarterly gains during the final months of 2022, when most-active contracts gained roughly 9% as well, according to FactSet.
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