Gold retreated after hitting a fresh record as investors weighed Federal Reserve Chair Jerome Powell’s comments ahead of a key jobs report due Friday.
Gold has been on a tear since mid-February, setting a record each day so far this week. It has also found support from heightened geopolitical risks, including in the Middle East and Ukraine, as well as central-bank purchases. Still, gold’s upswing has left some market watchers puzzled, especially as real US rates remain elevated, something that’s typically a headwind for bullion."I definitely think if we continue like this, there has to be some sort of an air pocket, or we hit a correction," said Kyle Rodda, senior market analyst at Capital.com.
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