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Bullion Holds Onto Its Gains As Demand Rises On Recession Fears

GOLD

Gold prices have been range trading during the APAC session after rising 0.8% on Wednesday. Bullion was supported by mixed US data, growing recession fears and strong Asian and European buying. It is currently trading around $1855.20/oz after reaching an intraday high of $1859.04.

  • Gold has had a strong start to 2023 rising 2.3% to multi-month highs. Conditions remain bullish for bullion and the next level to watch is $1872.40. The weaker dollar has boosted prices and the DXY has been down slightly again today. The Fed’s affirmation of its commitment to fight inflation in the December FOMC minutes increased slowdown fears and thus boosted demand for the yellow metal.
  • Later today there is US ADP employment for December before payrolls print on Friday. There are also jobless claims, the trade balance and the final December PMIs today.
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