Gold Trading Above $2,000/oz as Fed Predicts Recession

Gold Trading Above $2,000/oz as Fed Predicts Recession
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Spot gold was up 1.2% to $2,037.68 per ounce by 10:45 a.m. EDT, its highest since March 2022 and about $35 off record highs. US gold futures gained 1.6% to $2,057.10 per ounce in New York. Gold’s surge comes after Federal Reserve minutes on Wednesday indicated that several policymakers considered pausing rate increases and projected that recent banking sector stress would tip the economy into recession this year. yields slipped while the US dollar slid after data showed a moderation in the rise in producer prices last month and an uptick in jobless claims, suggesting the Fed’s aggressive tightening over the past year was indeed taking a toll on the economy.

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