Gold futures were higher Wednesday breaking a two-day losing streak.
December gold futures gained $5.70, or 0.51%, to
$1,130.50 an ounce, while December silver added 0.64%,
to $14.850 an ounce.
On Tuesday, gold settled 0.7% lower amid expectations that the Federal Reserve will raise interest rates this year.
This week, riskier assets like U.S. stocks have lost ground, with the S&P 500 down 0.8% as of Tuesday’s close, leading analysts to predict that gold should score gains on haven demand.
“With other markets looking more stressed, gold may well start to shine again,” said William Adams, head of research at Fastmarkets, in a note Wednesday.
Elsewhere, market players will await a flash reading for Markit’s manufacturing purchasing managers index which is due at 9:45 a.m. Eastern Time.
