Gold

As of 5:30 PM EDT, gold futures for the most active April 2024 contract were fixed at $2,394.40, up $17.80 or 0.75%. Spot gold also rallied, currently trading at $2,378.76 after gaining $17.69 or 0.75% on the day. The precious metal managed to overcome headwinds from a stronger U.S. dollar, which gained 0.21% to push the dollar index to 105.99.

Gold futures declined today after Chairman Powell spoke about a change regarding interest rate cuts this year saying that the fight to tame inflation has appeared to have stalled. Because of that central bankers need more confidence that inflation was on track to decline to its 2% target.

Gold futures surged higher today, with the most active June contract reaching an intraday peak of $2,414.80 and settling at $2,407.80 in New York trading. As of 5:11 PM EDT, gold futures are trading on Globex at $2,399.50.

As of 7:00 PM EDT, gold futures basis the most active April 2024 contract is trading just above $2400 at $2401.40. This is a net gain of $2.30 on top of the $39 gain from Monday’s trading in New York. Substantial Today’s gains have set a new record high settlement for gold futures. Spot gold also gained $39 taking the price of a troy ounce to 2383.05.

As of 4:46 PM EDT, the most active June contract of gold futures is fixed at $2360.70 down $30.40, or -1.27%%. Gold futures also traded to its highest value of $2448.80 today, the highest value in history.