Gold is trading near local highs in anticipation of U.S. statistics

The dollar has weakened and gold continued to rise. Several economic reports from the U.S. are expected, and they may influence the results of the Fed meeting next week. Investors are waiting.

During the first half of Wednesday, gold bounced back a bit. This was due to a small price correction and profit taking by traders. Jim Wyckoff, a senior analyst at Kitco Metals, said that it is quite normal for a continuation of the uptrend.

Gold has become more interesting for investors, as the market has concerns about the global recession and hopes for a slowdown in the Fed's rate hikes. As a result, gold prices have hit new 9-month highs. The dollar index fell by 0.3% on Wednesday, making gold more attractive to holders of other currencies.

On Thursday, data on weekly initial jobless claims in the U.S., on new home sales, on durable goods orders and on the first estimate of GDP for the 4th quarter of 2022 by the U.S. Commerce Department are expected to be released. The GDP estimate could affect the general mood of the Fed meeting scheduled on February 1.