Gold Above $1199 as Investors Weigh Rates

Gold traded near the highest level in more than two weeks after the longest run of gains since 2012 amid speculation that the Federal Reserve may keep interest rates lower for longer.

Bullion for immediate delivery was at $1,195.03 an ounce at 8:13 a.m. in Singapore from $1,195.47 on Wednesday, according to Bloomberg generic pricing. Gold traded in Shanghai advanced.

Prices climbed every day since Fed policy makers suggested they aren’t in a hurry to raise borrowing costs for the first time since 2006. The dollar fell on Wednesday against a basket of 10 currencies as investors continued to adjust their outlook for the greenback in the wake of last week’s Fed meeting. U.S. orders for durable goods unexpectedly dropped in February, government data showed Wednesday.

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.