Gold steadies after hitting highest close since 2013 on Tuesday as investors weigh the potential for a trade deal, and as forecasts for a U.S. recession grow stronger. Exchange-traded funds backed by gold expanded 0.6% to the highest since 2013.
Spot gold steadies at $1,543.46/oz at 8:50am in Singapore after closing Tuesday at $1,542.81, the highest since April 2013. Bloomberg Dollar Spot Index steady. Silver gains for fourth day and trades at highest since 2017 after surging 3% Tues. Platinum, palladium steady.
A Federal Reserve Bank of New York indicator shows more than 30% odds of a downturn in the next 12 months. The dollar has climbed this year, and if the strength keeps up and the economy shrinks, some experts are worried this combination will make it harder for the economy to claw back out.
Source : Bloomberg