As of 3:02 p.m. EDT on Wednesday (April 17), spot gold was trading at US$2,374.50 per ounce, below its record peak of US$2,431.29. Concurrently, US gold futures declined by 0.5 percent to hit US$2,396.70.
Gold is widely viewed as a safe-haven asset, and could pick back up if tensions increase again.
“The recent data have clearly not given us greater confidence, and instead indicate that it’s likely to take longer than expected to achieve that confidence,” he said during a panel at a forum on US-Canada economic relations.
From a technical perspective, gold is correcting, with momentum oscillators indicating overheated conditions.
Even with this retreat, gold remains historically high, reflecting ongoing uncertainties in global markets and investors’ search for safe-haven assets as geopolitical worries and economic volatility remain.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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