Gold prices rebounded on Wednesday after falling more than 4% on Tuesday. S. 90.
S. 1% on Wednesday. S.
3%. money, said that after position unwinds and dollar strength, markets returned to a more typical macro risk-off stance, with silver higher too, and that a pause in the rise of the dollar and Treasury yields helps with their opportunity costs. He added that gold and silver's safe-haven characteristics can shine again.
74 per ounce on Wednesday, after falling more than 8% in the last session. S. forces continued a round-the-clock assault on Iran, and Israel mounted a 'broad wave' of strikes on Wednesday, targeting Iranian missile sites and air defence systems.
Asian stocks tanked on Wednesday. S. Federal Reserve to hold rates at the end of its next two-day meeting on March 18, according to the CME Group's FedWatch tool.
com, noted that if the military campaign prolongs or expands across the region, safe-haven demand could continue to support gold above the $5,000/oz level and potentially open the door for a retest of the recent highs. Hamad Hussain, an economist for climate and commodities at Capital Economics, stated that on one hand, there may be greater demand for gold as a safe haven, given the ongoing conflict in the Middle East, but on the other hand, the risk of a prolonged period of higher energy prices, which would preclude interest rate cuts and increase the likelihood of interest rate hikes, could limit further gains. The exact reasons for the differing gold price movements between Wednesday and Thursday are not fully clear.