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Gold prices gained on Wednesday as the U.S. dollar weakened after treasury yield fell in the previous session.
Gold futures for December delivery on the Comex division of the New York Mercantile Exchange gained 0.18% to $1,193.60 a troy ounce by 1:40AM ET (05:40 GMT).
Meanwhile, the U.S. dollar index that tracks the greenback against a basket of other currencies was down 0.1% to 95.29.
Reports that U.S. President Donald Trump felt the Federal Reserve is hiking rates too fast received some focus.
“I think we don’t have to go as fast,” Trump told CNBC. “I don’t want to slow it down even a little bit,” he said, adding that he believed there was no need to raise rates when there were no signs of inflation in the economy. Trump did, however, acknowledge that he has not discussed with Federal Chair Jerome Powell about the central bank’s rates decision.
Gold also benefited from an increase in risk-aversion after the IMF downgraded its outlook for the U.S., China, the euro zone and the UK, saying it now expects the global economy to expand by just 3.7% in 2018 and 2019, down from 3.9% before.
Despite recent gains, Gold prices has fallen more than 13% since April, with a stronger dollar and rising Treasury yield cited as catalysts for the selling.
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