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Gold steadies after declining the most previous session

Gold steadies after declining the most previous session

Gold steadied on Wednesday, after declining the most in nearly two weeks in the previous session, as a firm dollar offset bullion’s gains emanating from fears of a possible recession in the United States.

Spot gold was flat at $1,315.11 per ounce as of 0820 GMT. U.S. gold futures were down 0.1 percent at $1,313.20 an ounce.

Falling Treasury yields has given the market sufficient reason to take some hedging measures, which along with weaker-than-expected U.S. data has supported the non-interest bearing gold, said Margaret Yang, a market analyst with CMC Markets, Singapore.

“Investors are very cautious on Treasury yield curve inversion, which had proven many times as early signal for a recession.”

See Also

U.S. homebuilding fell more than expected in February, while consumer confidence ebbed in March, offering more evidence of a sharp slowdown in economic activity early in the year._Reuters

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