Gold edges higher in the early morning Asian session, supported by prospects of a U.S. recession that could enhance the safe-haven appeal of the precious metal.
In an interview with Fox News on Sunday, President Trump refused to rule out a recession for the U.S. this year. "Traders and investors are reacting to a sharp and sudden deterioration in U.S. economic data," Saxo Bank's Ole S. Hansen says in a research report.
Gold's outlook is still supportive, especially given the limited scope of its latest correction, which signals strong demand despite selling pressure from technically focused traders, the head of commodity strategy says. Spot gold is 0.2% higher at $2,915.98/oz
Source: Bloomberg
