As of 5:30 PM EDT, gold futures for the most active April 2024 contract were fixed at $2,394.40, up $17.80 or 0.75%. The precious metal managed to overcome headwinds from a stronger U.S. dollar, which gained 0.21% to push the dollar index to 105.99.
Another major bullish factor is continued central bank buying as central banks globally add to their gold reserves, viewing the metal as a prudent safe-haven asset. Fed Chair Jerome Powell said at an event in Washington that"recent data have clearly not given us greater confidence" on inflation, suggesting rates may need to remain elevated for longer. He noted that higher inflation"may necessitate maintaining current interest rate levels for an extended period."
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Chinese Fund Manager Halts Gold-Linked ETF After Premium Surges(Bloomberg) -- A major Chinese money manager suspended trading in an exchange-traded fund tracking gold-related stocks, the second such move in less than a...
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Chinese Fund Manager Halts Gold-Linked ETF After Premium SurgesA major Chinese money manager suspended trading in an exchange-traded fund tracking gold-related stocks, the second such move in less than a week after a surge in the product’s premium.
Source: BNNBloomberg - 🏆 83. / 50 Read more »