Gold prices steadied on Thursday after falling in the prior session as the minutes of the Federal Reserve’s June meeting showed that policymakers supported more rate hikes, presenting a dour outlook for metal markets.
Wednesday’s losses saw gold wipe out most of a recent recovery, as the yellow metal struggled to rise from a three-month low hit in June.
Despite worsening economic conditions, investors have largely pivoted to the dollar as a preferred safe haven, amid growing expectations that the Fed will keep raising interest rates in the coming months.
Spot gold rose 0.1% to $1,917.58 an ounce, while gold futures fell 0.2% to $1,924.15 an ounce by 20:13 ET (00:13 GMT). Both instruments lost between 0.4% and 0.6% on Wednesday.
GOLD
BUY 1916-1918 💯💯
✅ TP1: 1922
✅ TP2: 1925
✅ TP3: 1930
🛑 SL: 1912
Wednesday’s losses saw gold wipe out most of a recent recovery, as the yellow metal struggled to rise from a three-month low hit in June.
Despite worsening economic conditions, investors have largely pivoted to the dollar as a preferred safe haven, amid growing expectations that the Fed will keep raising interest rates in the coming months.
Spot gold rose 0.1% to $1,917.58 an ounce, while gold futures fell 0.2% to $1,924.15 an ounce by 20:13 ET (00:13 GMT). Both instruments lost between 0.4% and 0.6% on Wednesday.
GOLD
BUY 1916-1918 💯💯 ✅ TP1: 1922
✅ TP2: 1925
✅ TP3: 1930
🛑 SL: 1912
