Spot gold was trading near the $1,930 mark on Wednesday in continued consolidation after a four-month sprint brought the commodity up 20% from the Sept. 28 low of $1,614.92.
Gold has reacted bullishly to the falling U.S. dollar and fears the Federal Reserve's series of interest rate hikes will plunge the U.S. into a recession later this year.
"The Fed gets very nervous when the dollar starts to hit its peak. They know that a weak dollar does a lot of bad things to the economy also. So, like, they're stuck in this position where they have to ever...
Login or create a forever free account to read this news
Sign up/Log in