Gold price remains steady near $2,030 on Wednesday, posting a gain of 0.17% after the US Bureau of Economic Analysis (BEA) revealed the country’s economy expanded. A drop in US Treasury bond yields has kept the yellow metal near the current month and weekly highs, capped by the 50-day Simple Moving Average (SMA).
Wall Street treads water with most indices trading in the red. The Gross Domestic Product (GDP) for the last quarter in 2023 expanded a tick lower than the consensus and the preliminary reading, while Retail and Wholesale Inventories came in mixed.
Federal Reserve (Fed) Regional Presidents Susan Collins and John Williams crossed the newswires. They repeated previous remarks regarding easing policy later in the year and emphasized they haven’t reached the 2% goal for core inflation.
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