Investing.com - Gold prices rose on Wednesday to their highest level in around a month as investors continued to focus on fears of a possible recession in the United States.
Comex gold futures tacked on $1.35, or about 0.1%, to $1,322.95 a troy ounce by 8:25AM ET (12:25 GMT), after going as high as $1,325.15, a level not seen since Feb. 28.
Meanwhile, spot gold was trading at $1,317.15 per ounce, up $1.41, or 0.1%.
U.S. bond markets have in recent days signaled a U.S. recession may be coming, with the U.S. 10-year Treasury yield falling below that of the three-month bill for the first time since 2007 last week.
That came amid the release of weak economic data from the U.S. and around the world as well as a downgraded U.S. economic outlook from the Federal Reserve.
“Investors are very cautious on Treasury yield curve inversion, which had proven many times as early signal for a recession,” said Margaret Yang, a market analyst with CMC Markets, Singapore.
Uncertainties around Brexit are also increasing bullion’s safe haven appeal, analysts said. A series of votes on Brexit allowing parliament to propose alternatives to Prime Minister Theresa May's Withdrawal Agreement is due later in the day.
In other metals trading, silver futures dipped 4.2 cents, or about 0.3%, to trade at $15.47 a troy ounce, while platinum gained 0.4% to $869.10 an ounce.
Palladium, meanwhile, was down 1.8% at $1,487.95 per ounce.
-- Reuters contributed to this report