Gold prices reached their highest levels since March 2022 on Wednesday, as weak US economic data bolstered bets for a slowdown in the pace of US interest rate hikes. Spot gold rose by 0.1% to $2021.97 per ounce, while US gold futures settled at $2038.70. Analysts stated that gold is well-positioned to continue its gains and stay above the $2000 mark, as expectations for a decline in interest rates reduce the opportunity cost of holding non-yielding gold, which is seen as a hedge against inflation and economic uncertainty.
Gold Extends Gains Amid US Data Support for Slower Rate Hike Bets
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