Gold price remains stable near $2,030 on Wednesday, marking a 0.17% gain following the disclosure by the US Bureau of Economic Analysis (BEA) that the country’s economy experienced growth. Despite the positive economic news, a decline in US Treasury bond yields has helped keep the yellow metal close to monthly and weekly highs, restrained by the 50-day Simple Moving Average (SMA).
The broader financial landscape sees Wall Street treading water, with most indices trading in negative territory. The Gross Domestic Product (GDP) for the final quarter of 2023 expanded slightly below both the consensus and the preliminary reading. Additionally, Retail and Wholesale Inventories data presented a mixed picture.
Federal Reserve (Fed) Regional Presidents Susan Collins and John Williams made statements, reiterating previous remarks about potential policy easing later in the year. They emphasized that the Fed has not yet reached its 2% goal for core inflation. The Fed’s stance and comments from key officials contribute to the overall market sentiment and impact gold prices in the current scenario.
