Gold prices have risen recently, as there has been a fall in the US services sector beyond what was expected. Some experts believe that the precious metal is gaining momentum due to disappointing economic data and a negative outlook for the economy.
There is also a chance that the US Federal Reserve may stop raising interest rates due to the recession trend. It is highly likely that the Fed will maintain its current interest rates at its upcoming monetary policy meeting. Additionally, the weakening of the US dollar has also contributed to the rise in gold prices. Given this, investors are returning to gold as a way to hedge risks and find new profit opportunities.