Metals Stocks: Gold continues to hover above $1,7000 an ounce as traders look for drivers
Gold futures edged higher Wednesday but remained mired near the $1,700 an ounce level as traders look for a driver to push the yellow metal one way or the other.
“Gold remains intractably near the $1,700 per ounce. Increased flight to safety and falling U.S. yields give support to the yellow metal below the $1,700 mark, but at the current levels, investors doubt about the gold’s hedging capacity against a renewed panic selloff across risk assets,” said Ipek Ozkardeskaya, analyst at Swissquote, in a note.
“In case of strong market headwinds, however, we are confident that the gold price could make that jump to the $1,800 level without too much hesitation,” the analyst said.