Gold prices rose on Wednesday as US Treasury yields retreated and the dollar strengthened its appeal amid growing recession fears.As of 10:31, the international gold price fluctuated around $1832 / ounce, the price of gold adjusted slightly during the session trend, gold shock down.
As of 10:31, the international gold price fluctuated around $1832 / ounce, the price of gold adjusted slightly during the session trend, gold shock down.
Gold prices rose on Wednesday as US Treasury yields retreated and the dollar strengthened its appeal amid growing recession fears.The gold market basically swings back and forth like a pendulum between inflationary pressures and the Fed’s commitment to fighting inflation, with occasional rapid declines due to the Fed’s hawkish stance.But the pendulum will continue to swing more towards gold’s underlying inflation fundamentals.
Investors also took stock of Federal Reserve Chairman Jerome Powell’s testimony to Congress.Mr Powell said the Fed was “firmly committed” to bringing down inflation and that the pace of future rate increases would continue to depend on incoming data and the changing economic outlook.Mr. Powell’s testimony made gold more attractive to overseas buyers.
Separately, The Fed’s Evans said “substantial” rate hikes are needed in the coming months, forecasting a policy rate of 3.25%-3.5% by the end of 2022 and 3.8% by the end of 2023.
Gold opened at $11,832.76 yesterday, up $1,847.73 and down $1,823.30 to close at $1,836.75.
Gold prices have been volatile recently, but there are patterns to follow.Operation can not be excessive chasing up and down, no continuity.Gold is still focused on 1848 pressure above today, which continues to be bearish above, with support at 1823 below.
According to www.reelfinancial.com gold Market center, at 21:31 Washington time, the spot price of gold was provisionally quoted at $1,832.03 / oz today.