Gold Prices Edge Higher Amid Economic Uncertainty, With Focus on US Data and Fed’s Next Move
Gold prices have edged slightly higher after a sharp decline from near all-time highs yesterday as economic uncertainty and ongoing fears of instability around Donald Trump’s tariff plans provide some support to the yellow metal as a safe-haven asset. However, movements remain more or less rangebound.
The US consumer confidence fell the most since August 2021, declining to 98.3 in February versus 105.3 prior, according to the Conference Board. Meanwhile, Richmond Fed President Thomas Barkin emphasised on a wait-and-see approach on interest rates until inflation clearly moves toward the 2% target.
The US New Home Sales for January will be released later on Wednesday, along with speeches from Fed officials, including Raphael Bostic and Thomas Barkin, which are expected to give signals about the Fed’s rate cut plans, dictating the movement of gold.
From a technical perspective, gold is trading below 9 SMA on the daily chart. The yellow metal has immediate support at the $2,900 psychological level. Below this, strong support can be seen at the 61.8% fib confluence level of $2,891.
Gold prices in the UAE today are as follows –
24 Carat – AED 351.25
22 Carat – AED 327.00
21 Carat – AED 313.50
18 Carat – AED 268.75
Last Updated on 8 hours by News Desk 1
