Gold prices stayed strongly supported above $2,000 on Thursday boosted by bets that the U.S. Federal Reserve might pause or slow the pace of rate hikes and its predictions of mild recession this year.
Spot gold was up 0.6% to $2,026.26 per ounce by 1126 GMT, about $40 off record highs hit in 2020. U.S. gold futures gained 0.8% to $2,040.20. rose 0.1% last month, after advancing 0.4% in February, raising hopes that the Fed was nearing the end of tightening cycle.of the Fed's March meeting that indicated several policymakers considered pausing rate increases and projected that recent banking sector stress would tip the economy into recession.
Safe haven gold tends to gain during times of economic or financial uncertainty, while lower rates also lift its appeal as it does not bear interest. A combination of rising expectations of a dovish Fed pivot, recession fears, and a weaker dollar are lifting gold and could help the precious metal reach a fresh yearly high, said Fiona Cincotta, senior financial markets analyst at City Index said in a note
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