It has been just a little over one year ago that gold futures traded and closed above $2000 per ounce. On March 8, 2022 gold futures opened above $2000 per ounce, traded to a high of $2078 and closed at approximately $2043.

Gold reacts to the release of the PCE inflation index with a $10 decline. As of 4:25 PM EST gold futures basis the most active June contract is currently off by 0.41% ($10.70) and fixed at $1986.90.

Gold traded higher by low double digits today. The gains are the result of two factors and tomorrow’s PCE inflation report. Currently, the April 2023 contract of gold futures is trading up $14.20 and fixed at $1981.10.