Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Gold prices have declined from the highs in the area of $2000


March, 27 2023
watermark Economic news

On Monday, gold prices declined slightly and moved away from local highs at $2002 per ounce. The last time such price values were recorded was in March 2022. 


The current quote of the precious metal is $1964.70. Prices are declining as traders lock in profits after strong growth. At the same time, the decline is rather symbolic, since concerns about the global banking crisis continue to support high demand for a «safe haven».


This year, gold has significantly surpassed the US dollar as a safe haven asset: market participants are still afraid of the continuation of the domino effect among American and European banks. 


The decline in the price today was caused by a slight recovery in the dollar after officials of the US Federal Reserve System said that the central bank could raise the rate at least 2 more times.


Other precious metals also retreated from the recent gains on Monday: platinum futures fell 0.2% to $972.57, and silver futures fell 0.1% to $22.99 per ounce. Among industrial metals, copper prices also declined after sharp fluctuations in previous sessions, as the market assessed the weakening of the dollar against fears of a slowdown in the global economy. Copper futures fell 0.1% to $4.0245 per pound.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.