Gold prices pull back after hitting 9-month high

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Gold prices fell sharply on Wednesday as the yellow metal retreated from a fresh 9-month high.

Price action
  • Gold prices for February


    delivery fell $9, or 0.5%, to $1,925 per ounce on Comex.

  • Silver prices for March


    delivery fell 18 cents, or 0.8%, to $23.49 per ounce.

  • March palladium

    fell $16, or 0.9%, to $1,718.50 per ounce, while platinum for April

    fell $21, or 2%, to $1,045 per ounce.

  • Copper for March

    delivery fell 2 cents, or 0.5%, to $4.23 per pound.

Market drivers

Gold prices have risen more than 5% since the start of 2023, helped by signs of waning U.S. inflation and expectations for a recession. A weaker U.S. dollar and lower Treasury yields have also helped bolster prices for gold and other precious metals, analysts said.

“Gold and silver prices are weaker in early U.S. trading Wednesday, on some profit-taking from the shorter-term futures traders,” said Jim Wyckoff, senior analyst at

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