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On this day — February 26, 2023
Sunday — the international gold market is closed. Spot quotes carry forward from the prior Friday close. Retail rates in jewellery markets may differ slightly based on local Sunday hours.
Day 57 of 365 · Q1 2023 · 15.6% through the year
February 2023 gold market: Hot data revives Fed hawkishness
BearishHot US data pushed rate-hike bets and the dollar back up.
Gold pulled back to around $1,810–$1,830 in February after unexpectedly strong US jobs and inflation data revived expectations of more Fed rate hikes, lifting the dollar and Treasury yields.
What drove gold in February 2023
- blockbuster US jobs report
- sticky inflation data
- rebounding dollar and yields
- repricing of the Fed path
Key events in February 2023
- Feb 24Gold slips toward $1,810 as yields and the dollar rise
What happened next
The pullback ended abruptly in March when a banking crisis erupted.
For gold buyers
February was a reminder that the road to a Fed pause would be bumpy, with each hot data print a setback for gold.
Feb 26 across the years — 2020 → 2021
| Year | Feb 26 close | vs prior | |
|---|---|---|---|
| Feb 26, 2021 | $1,742.90 | +6.61% | View |
| Feb 26, 2020 | $1,634.90 | — | View |