Welcome to SurvivalBlog’s Precious Metals Month in Review, where we take a look at “the month that was” in precious metals. Each month, we cover gold’s performance, and the factors that affected gold prices.
What Did Gold Do in February?
Gold gave back all of January’s gains in February in choppy trading, ending the month down about $10 for the year. Things started off badly on February 2nd, when the Fed, ECB, and Bank of England all hikes rates and announced that rates would be moving higher for longer than previously estimated. This sent gold down $34 to $1,916 an ounce by noon, before recovering to $1,931.
The big economic bombshell hit on February 3rd, when the non-farm payrolls report hit showed 517,000 jobs had been created in January, versus expectations of 187,000. This was more than double the 223,000 jobs created in December.
Among other drastic reactions, March gold settled $54 lower at $1,876,and spot gold lost $48 to end at $1,864. Total losses for the first week in February were $69 for gold futures and $58 for spot gold.
Gold was unable to regain the $1,900 level for the rest of the month. The closest it came was $1,890 on February 8th. Gold had a bad week at the end of February, falling six out of seven sessions to fall from $1,850 to $1,817 on February 24th. End-of-month portfolio adjustments and profit-taking pulled prices $20 higher on the last two days of the month to $1,837 an ounce.Continue reading“February 2023 in Precious Metals, by Steven Cochran”
