What Is Gold Strengthening?


 The precious metal gold traded steady on Wednesday after recovering from this year's lows, with the focus remaining on any signals about the economy and the Federal Reserve (Fed).

In the Asian session, spot gold was little changed around the price of $1,827 per ounce, recovering from a two-month low it touched earlier at $1,804 per ounce.

Gold found support to rise as the market headed into the close of February trading, helping it pare some of its losses.

Also supporting gold prices was the release of US consumer confidence data which missed expectations in February.

Even so, the yellow metal remains under pressure on expectations that the Fed will continue to raise interest rates and leave them high for longer.

Investors' focus is now on the release of US ISM survey manufacturing PMI data in the upcoming New York session which is expected to continue to show contraction in February.