WASHINGTON (dpa-AFX) - Gold prices edged lower in cautious trade on Wednesday, as renewed concerns about inflation and the risk of recession spurred safe-haven demand for the dollar.
Spot gold slipped 0.1 percent to $1,817.50 per ounce, while U.S. gold futures were down 0.2 percent at $1,818.45.
A weaker-than-expected U.S. consumer confidence reading fueled worries over a recession and dented investors' appetite for riskier assets.
Comments from Fed officials affirming further sharp interest rate hikes to bring down high inflation also boosted the dollar.
San Francisco Fed President Mary Daly said on Tuesday that the U.S. annual economic growth is expected to slow below 2 percent amid monetary policy tightening by the central bank.
Looking ahead, Fed Chair Jerome Powell, ECB President Christine Lagarde and BOE Governor Andrew Bailey will be speaking at the ECB forum on central banking in Sintra, Portugal.
U.S. final GDP data for the first quarter is due in the New York session.
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