Gold reverses recent gains
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
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