Despite a strengthening dollar on Wednesday, spot gold still surged by over $28. Analysts point out that increasing expectations of Fed rate cuts and declining U.S. Treasury yields provide upward momentum for gold prices. Additionally, the tense situation in the Middle East stimulates safe-haven buying in gold. The latest warning from the Iranian Revolutionary Guard Corps commander on Wednesday stated that Israel will "pay the price" for Monday's airstrikes in Syria.
Mixed U.S. economic data and declining U.S. bond yields supported a more than 1% increase in gold prices on Wednesday. The previously released ADP employment report was weaker than expected, with attention now turned to Friday's U.S. non-farm payrolls data.
Mixed U.S. economic data and declining U.S. bond yields supported a more than 1% increase in gold prices on Wednesday. The previously released ADP employment report was weaker than expected, with attention now turned to Friday's U.S. non-farm payrolls data.
