Gold prices remain flat in early trade

24 Mar 2023 , 09:30 AM

After two sessions of significant increases, gold prices were little changed on Friday as expectations of a likely slowdown in the Federal Reserve’s rate-hike cycle were balanced by a slightly stronger dollar.

Spot gold was unchanged at $1,993.73 per ounce. At $1,996.60, U.S. gold futures were likewise steady.

The dollar index increased by 0.1%, increasing the price of bullion for customers using other currencies.

With the recent failure of two U.S. banks, the Fed gave a hint that it would hold off on raising borrowing prices. As a result, gold has increased by almost 0.3% so far this week.

Inflation-hedging strategies have traditionally included gold, and low-interest rates make non-yielding bullion a more appealing investment.

 In the previous week, fewer Individuals made new claims for unemployment benefits.

On Thursday, the Bank of England increased interest rates for the eleventh time in a row but stated that a sudden increase in inflation would likely decline quickly, leading some to believe the bank had stopped raising rates.

U.S. Treasury Secretary Janet Yellen promised authorities had more capacity to handle any crisis and attempted to reassure uneasy investors that American bank savings were secure.

Spot silver prices decreased by 0.1% to $23.11 per ounce, platinum prices were stable at $984.13, and palladium prices declined by 0.1% to $1,429.19.

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