Gold prices stabilized at a two -week high in the Asian session, supported by US dollar trading and lower 10 -year US treasury yields.
Weaknesses in U.S. economic data and corporate earnings, as well as concerns of a possible recession around the world have also prompted investors to seek a gold safe-haven.
At the time of writing, gold is trading little changed at $ 1,860 per ounce, while gold futures are at $ 1,859 per ounce.
Meanwhile, the US dollar was seen to stabilize after declining to a low of almost a month in the previous session. The depreciation of the greenback dollar made the precious metal gold cheaper for holders of other currencies.
The stock market continued to show gloomy performance, pressured by supply chain problems as well as cost surges have affected corporate earnings and slowed factory production.
This worrying growth outlook also pushed US 10 -year bond yields lower to slump to around 2.70% in the previous session.
However, gold investors remain wary of expectations of interest rate hikes by major central banks, particularly the Federal reserve (Fed) which has promised to raise rates more aggressively.
