Gold futures climb on Wednesday, on track to post back-to-back gains, but hold mostly below the key $1,800 mark.
Gold futures climbed Wednesday, on track to post back-to-back session gains, with prices buoyed by some weakness in the U.S. dollar and U.S. Treasury yields but held mostly below the key $1,800-an-ounce level.
Price action Market drivers “Traders and investors remain very jittery with the odd positive data point mixed in with increasing concerns of a sustained global recession, particularly in the light of China’s sustained lockdown bound to hit activity in the world’s second largest economy,” said Rupert Rowling, market analyst at Kinesis Money.
For now, investors are “trying to assess where gold sits in the current environment,” Rowling said in a market update. Still, before the media blackout that precedes the Fed meeting next week, bank officials were “lining up to state that interest rates would need to reach at least 5% to calm persistently high inflation,” he said. “So next week’s meeting no longer looks like the formality it was starting to appear.”
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