Gold prices advanced Wednesday on the first session of March after booking their biggest monthly decline since June 2021.
Gold prices advanced Wednesday in the first session of March after booking their biggest monthly decline since June 2021 in February.
Price actionMarket 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 prices advanced Wednesday in the first session of March after booking their biggest monthly decline since June 2021 in February. Price action 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.
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