With the possibility of a U.S. recession bolstering the precious metal’s attractiveness as a safe haven, gold is edging higher in the early morning Asian session. President Trump declined to rule out a U.S. recession this year in an interview with Fox News on Sunday. In a research study, Ole S. Hansen of Saxo Bank states, “Traders and investors are reacting to a sharp and sudden deterioration in U.S. economic data.” The head of commodities strategy argues that despite selling pressure from technically orientated traders, gold’s outlook is still positive, particularly considering the narrow scope of its most recent fall, which indicates solid demand. Spot gold is now trading at $2,915.98/oz, up 0.2%.
