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Gold futures rose after the Federal Reserve left US interest rates unchanged and insisted that the next policy decision would not include a rate hike.
Gold markets rallied significantly during the early hours on Wednesday, as we have recaptured the $2300 level.
Gold prices settled below $2300 an ounce on Wednesday trading, hovering near a four-week low as investors turned cautious ahead of the Federal Reserve's policy decision amid concerns it will keep US interest rates high for an extended period.
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The gold market has shown itself to be rather negative during the day. But I think at this point you have to look at it through the prism of a market that is now testing major support.
Gold prices are trading around $2345 an ounce at the start of this week's trading, as caution gripped markets ahead of the Federal Reserve's policy meeting and the US monthly jobs report this week.
You can see gold initially did pull back a bit during the trading session on Monday but continued to find buyers on dip.
At the end of last week's trading sessions, gold futures managed to capture some gains as financial markets shrugged off the latest inflation data.
Gold initially fell during the trading session on Thursday, but then turned around to show signs of life.
Gold prices pared losses after weaker-than-expected US business activity data helped bolster the case for Fed rate cuts this year.
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XAUUSD gold price fell below the $2320 level per ounce on Wednesday, under the influence of declining demand for safe-haven assets.
Gold prices settled around $2300 per ounce (XAUUSD) on Tuesday's trading, hovering near their lowest levels in about three weeks as fears of a wider Middle East
Gold has fallen rather significantly during the course of the trading session on Monday, as it looks like we are going to perhaps take a bit of a breather in the uptrend.
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The strong breakout in gold prices in recent months has been noticeable. But the reason is not its rapid vertical rise to impressive record highs.
Gold rallied a bit during the trading session on Friday, which is not a huge surprise considering that it's been in an uptrend.
Gold has done a little bit of sideways dancing during the early hours on Thursday just as we have seen it do all week.