(Kitco News) Gold prices soared to eight-month highs as investors fled to the safe-haven metal on economic growth concerns and rising Russia-Ukraine tensions. Analysts see more upside for gold, pointing to $1,903-$1,923 as the critical resistance range.
“There is a lot of different angles to look at gold right now – from the macro, geopolitical, and hedge against inflation. Bitcoin and stocks are selling off, and people are looking for places to park their money. Gold is wearing a lot of different hats right now,” Blue Line Futures chief market strategist Phillip Streible told Kitco News.
A barrage of data from Thursday morning gave investors pause as positive momentum in the U.S. labor market slowed, the Philadelphia region’s manufacturing sector numbers were weaker than expected, and the housing data out of the U.S. was mixed.
“The economic data are decelerating. [Officials] are trying to spin it as a great economy. But the reality is that economy is slowing while the Fed is extremely hawkish.