- After falling to a recent low of $1,791.90 earlier in the week, gold prices rebounded and came back up to $1,798.98 per ounce.
- This is continued good news for the gold market, which looks like it could make it back all the way to $1,807 in the short term as U.S. gold futures are now are rising to $1,801.40.
- “Gold is often considered a hedge against inflation and currency debasement, caused by massive stimulus measures.” Recent concerns about tapering from the Fed and the European Central Bank, the Delta variant, joblessness, and slow pandemic-related economic growth and recovery are signaling more inflation is on the way.
Gold prices edged higher on Wednesday after a steep fall in the previous session, as concerns about a global growth slowdown weighed on risk sentiment while investors awaited the European Central Bank’s tapering strategy.
Spot gold was up 0.3% at $1,798.98 per ounce by 1137 GMT, after falling to an more than one-week low of $1,791.90 on Tuesday. U.S. gold futures rose 0.2% to $1,801.40.
Originally posted on Reuters