Daily Times

Gold fell in range-bound trading on Wednesday as prospects of elevated interest rates continued to override its safe-haven appeal to some extent despite looming recession risks. Spot gold fell 0.2pc to $1,817.00 per ounce by 0920 GMT, holding a tight range between $1,814.30 – $1,822.76. US gold futures were down 0.2pc to $1,817.60. “The increasingly hawkish rhetoric out of major central banks is exerting more downward pressure on zero-yielding gold, with the ebbs and flows in risk sentiment injecting further volatility in spot gold prices,” said Han Tan, chief market analyst at Exinity. But bullion could still find some support from growing fears of a global downturn, Tan added. US Federal Reserve Chairman Jerome Powell is due to speak later in the day at an ECB forum, and traders will watch for policy cues following the Fed’s aggressive rate hike earlier this month.