Metals Stocks: Gold prices pull back after hitting 9-month high

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Gold prices fell sharply on Wednesday as the yellow metal retreated from a fresh 9-month high.

Price action
  • Gold prices for February
    GC00,
    -0.39%

    GCG23,
    -0.39%

    delivery fell $9, or 0.5%, to $1,925 per ounce on Comex.

  • Silver prices for March
    SI00,
    -0.61%

    SIH23,
    -0.61%

    delivery fell 18 cents, or 0.8%, to $23.49 per ounce.

  • March palladium
    PAH23,
    -0.69%

    fell $16, or 0.9%, to $1,718.50 per ounce, while platinum for April
    PLJ23,
    -2.20%

    fell $21, or 2%, to $1,045 per ounce.

  • Copper for March
    HGH23,
    -0.58%

    delivery fell 2 cents, or 0.5%, to $4.23 per pound.

Market drivers

Gold prices have risen more than 5% since the start of 2023, helped by signs of waning U.S. inflation and expectations for a recession. A weaker U.S. dollar and lower Treasury yields have also helped bolster prices for gold and other precious metals, analysts said.

“Gold and silver prices are weaker in early U.S. trading Wednesday, on some profit-taking from the shorter-term futures traders,” said Jim Wyckoff, senior analyst at Kitco.com.

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