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Gold, silver kick off 2023 by advancing to highest levels in months

By Joseph Adinolfi

Gold is trading at highest level since June, silver at highest since April

Gold prices kicked off the first trading session of 2023 on Tuesday by advancing to fresh 6-month highs, bolstered by lower bond yields and expectations about more central-bank buying.

Other precious metals were trading at notable levels, including silver, which saw the most-active contract trade at its highest level since April, while platinum traded at its highest level since March.

Price action

Market drivers

Gold and silver prices managed to kick off the year at the highest level in several months with the outlook for precious metals improving markedly recently, analysts said.

Prices continued to advance despite a stronger U.S. dollar as traders focused instead on lower Treasury yields while purchases by the People’s Bank of China has inspired hope among traders that some central banks might increase the share of their reserves allocated to gold.

“Central bank purchases might be another factor, following reports last month that the People’s Bank of China has started to increase its gold reserves,” said Marios Hadjikyriacos, senior investment analyst at XM.

The ICE U.S. Dollar Index rose 1% to 104.57, while the 10-year yield dropped 10.6 basis points to 3.771%.

-Joseph Adinolfi


(END) Dow Jones Newswires

01-03-23 0845ET

Copyright (c) 2023 Dow Jones & Company, Inc.

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