Gold futures were attempting to regain some traction higher on Wednesday to start the new month and quarter, amid expectations of increasingly poor economic data due to the COVID-19 pandemic which has helped to partly support gold buying or at least limited downside for the precious metal.
“Gold prices are rising as investors brace for a steady flow of ugly data that will get much worse and probably for a lot longer than what was initially expected,” wrote Edward Moya, senior market analyst at Oanda, in a Wednesday research note.
