“Gold is pushing higher again this morning as yields ease off this week’s highs and the dollar softens,” Craig Erlam, a senior analyst at Oanda Corp., said in a note. Recession fears may also support bullion as they could “trigger safe-haven flows,” he said, suggesting a push toward $1,800 is possible.
Investor sentiment toward bullion may be turning after a selloff in July, according to Rhona O’Connell, an analyst at StoneX. Still, recent price moves “aren’t much more than a correction from the recent falls,” she said. “The technical parameters are all much more positive than hitherto and this will be helping,” O’Connell said in an interview. “ETFs are seeing some light buying, which may also influence sentiment.”
Spot gold climbed 1.2% to $1,787.17 an ounce as of 3:38 p.m. in London. It touched $1,788.05 on Tuesday, the highest intraday level since July 5. All precious metals advanced, with palladium leading at a 4% increase.
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