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Gold prices advanced Wednesday in the first session of March after booking their biggest monthly decline since June 2021 in February.
Price action
-
Gold futures for April
GC00,
+0.40% GCJ23,
+0.40%
delivery climbed $8.50, or 0.5%, to $1,845 per ounce on Comex after booking a monthly decline of 5.6% for February, the largest monthly loss for a most-active contract since June 2021, according to FactSet data. -
Silver futures for May
SI00,
+0.16% SIK23,
+0.16%
delivery rose 16 cents, or 0.8%, to $21.17 per ounce, after shedding nearly 12% last month. -
Palladium for June delivery
PAM23,
-0.63%
gained $12.60, or 0.9%, to $1,433 per ounce, while platinum for April delivery
PLJ23,
+0.50%
rose by $11, or 1.2%, to $966 per ounce. -
Copper prices for May
HGK23,
+1.36%
gained 7 cents, or 1.7%, to $4.16 per pound.
Market drivers
The U.S. dollar is kicking off March in the red after the ICE U.S. Dollar Index
DXY,
a gauge of the greenback’s strength against a basket of major currencies, logged its biggest monthly advance since September in February. The weaker greenback is helping to bolster the price of gold, along with U.S. stocks, which looked set to open higher Wednesday.
“Gold has found some support with the price edging back up to $1,830 an ounce after a challenging February in which the precious metal slumped to its lowest level for two months,” said Rupert Rowling, a market analyst for Kinesis Money, in emailed commentary.
The U.S. dollar index was down 0.7% at 104.23 in recent trade.
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