Gold prices tried to rebound in trading Thursday (2/6) morning. At 07.14 WIB, the price of gold for delivery in August 2022 on the Commodity Exchange was at US$ 1,849.30 per troy ounce, up 0.03% from the previous day at US$ 1,848.70 per troy ounce.
Gold prices rose as investors assessed the progress of the Federal Reserve's monetary tightening to curb inflation was still on track, and rising volatility weighed on the economic outlook.
Citing Bloomberg, concerns that rising central bank interest rates could lead to a recession have kept investors guessing on the economic outlook as rising inflation pressures consumers, and volatility in the market increases.
"The overall fundamentals are supportive of gold, but not aggressive, so the market is trying to figure out whether we're in inflation, stagflation or recession," said Rhona OÇonnell, analyst at StoneX Group as quoted by Bloomberg.
He added, traders may also wait for the Fed's assessment of the economy to be released Thursday (2/6) and employment data to be released Friday.
source : https://id.tradingview.com
