# Oil and Gold Prices Slump As Powell Signals Further Rate Hikes to Come - Markets Insider

> US Dollar Index jumped 1% to 105.53 on March 7 after Powell's Senate testimony suggested the Fed might raise rates more than expected. WTI fell as much as 3.3% to $77.79 a barrel, Brent slumped 3.2% to $83.40, gold and silver dropped, and copper fell 2.8%.

- Date: 2023-03-07 · published 2023-03-07T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/36780-oil-and-gold-prices-slump-as-powell-signals-further-rate-hikes-to-come-markets
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A stronger dollar and higher expected rates pressure dollar-priced commodities and crude oil, which lowers energy and freight costs for feed buyers. The move is a reaction to Fed commentary rather than a change in physical supply.

## Read by commodity

- DXY: bullish ▲
- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-06-23 | [Oil prices slump as investors fear Fed rate hikes will hurt demand \| Reuters](https://feedsoft.ai/events/41110-oil-prices-slump-as-investors-fear-fed-rate-hikes-will-hurt-demand-reuters.md) | +4.5% | -8.0% |
| WTI | 2022-04-25 | [Oil Price: Crude Down on China COVID Lockdowns and Fed Rate Outlook - Markets Insider](https://feedsoft.ai/events/42016-oil-price-crude-down-on-china-covid-lockdowns-and-fed-rate-outlook-markets.md) | +2.0% | +10.0% |
| WTI | 2020-01-27 | [Stocks and Oil Drop, Gold Rises As Wuhan Coronavirus Spreads - Markets Insider](https://feedsoft.ai/events/4514-stocks-and-oil-drop-gold-rises-as-wuhan-coronavirus-spreads-markets-insider.md) | -4.7% | -5.1% |
| WTI | 2020-09-23 | [Gold and Silver Hit by Hawkish Fed Boost to Dollar - Markets Insider](https://feedsoft.ai/events/51033-gold-and-silver-hit-by-hawkish-fed-boost-to-dollar-markets-insider.md) | -1.1% | +4.6% |
| WTI | 2018-02-02 | [Oil prices fall as US stock market slumps and dollar strengthens](https://feedsoft.ai/events/66659-oil-prices-fall-as-us-stock-market-slumps-and-dollar-strengthens.md) | -7.0% | -7.1% |
| BRENT | 2022-06-23 | [Oil prices slump as investors fear Fed rate hikes will hurt demand \| Reuters](https://feedsoft.ai/events/41110-oil-prices-slump-as-investors-fear-fed-rate-hikes-will-hurt-demand-reuters.md) | +4.3% | -2.0% |
| BRENT | 2022-04-25 | [Oil Price: Crude Down on China COVID Lockdowns and Fed Rate Outlook - Markets Insider](https://feedsoft.ai/events/42016-oil-price-crude-down-on-china-covid-lockdowns-and-fed-rate-outlook-markets.md) | +2.8% | +6.8% |
| BRENT | 2020-01-27 | [Stocks and Oil Drop, Gold Rises As Wuhan Coronavirus Spreads - Markets Insider](https://feedsoft.ai/events/4514-stocks-and-oil-drop-gold-rises-as-wuhan-coronavirus-spreads-markets-insider.md) | -3.4% | -2.4% |

## Sources

- markets.businessinsider.com: https://markets.businessinsider.com/news/commodities/oil-prices-gold-price-fed-powell-interest-rates-dollar-commodities-2023-3

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.