Gold prices were flat on Wednesday, oscillating around the $1,816 per ounce level, trading with low volatility. If gold prices decline, support may be found near $1,765 per ounce, while resistance may be encountered near $1,877 per ounce.
Markets were slow on Wednesday after the volatility of the past few days and ahead of the Christmas holidays. The dollar was steady on Wednesday, with the dollar index hovering around the 104.2 level. US Treasury yields also remained flat, with the US 10-year bond yielding almost 3.7%.
Gold prices have been affected largely by US treasury yields lately, as these reflect Fed rate hike expectations. Increases in central banks’ interest rates put pressure on gold prices since assets yielding interest become a more appealing investment compared to gold as interest rates rise.
Three major Central Banks, the Fed, the ECB, and the BOE raised interest rates last week. Even though the rate hikes were already priced in by markets, the wave of fiscal tightening reignited global recession concerns, driving gold prices down.
This week, markets will still be digesting last week’s major news and the week is light on fundamentals ahead of the Christmas holiday.
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Written by:
Myrsini Giannouli
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