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On this day — February 28, 2023
Tuesday — a normal trading day. Tuesday is also when the CFTC publishes Commitments of Traders data for the prior week, often producing intraday movement.
Day 59 of 365 · Q1 2023 · 16.2% 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
Themes#Fed policy#US data strength#rising yields
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.