Gold prices rose today (Wednesday) amid reduced market liquidity, recovering from a one-week low hit in the previous session as the market awaited the release of the minutes of last January’s Federal Reserve meeting. We are looking for suggestions regarding interest rate forecasts.
Gold rose to $4,931.61 an ounce in instant trading after falling more than 2% yesterday.
US gold futures for April delivery rose 0.9% to $4,950.20.
technical bounce
“Gold price has found support above $4,850 today, which is a technical pullback,” said Ajay Kedia, director at the specialist firm. This comes after prices fell in the previous session due to a decline in geopolitical tensions.
He added: “Investors are waiting for the minutes of the Federal Reserve meeting from last January.”
Gold prices rose today (Wednesday) amid reduced market liquidity, recovering from a one-week low hit in the previous session as the market awaited the release of the minutes of the Federal Reserve’s (US central bank) January meeting. We are looking for indicators regarding interest rate expectations.
Gold rose to $4,931.61 an ounce in spot trading after falling more than 2% yesterday.
US gold futures for April delivery rose 0.9% to $4,950.20.
technical rebound
“Gold price has support above $4,850 today, which is a technical bounce,” said Ajay Kedia, manager at a specialist firm. This follows a fall in prices in the previous session due to easing geopolitical tensions.
“Investors are awaiting the minutes of the Federal Reserve’s January meeting,” he added.
