Safe haven support for gold

Gold is maintaining the upward momentum it began after the latest US data highlighting recession fears. Gold maintained its safe haven status with the latest US data indicating growing recession fears despite ongoing inflationary pressures, but remained flat after reaching its highest closing price in 9 months. Gold has gained more than 6 percent this year on pricing that the Fed will soon begin to rein in its aggressive interest rate hike policy as the US economy weakens. Spot gold is trading at $1,933 per ounce. Gram gold is finding buyers in the markets at TL 1,168. On Tuesday, data showed that US commercial activity contracted for the seventh consecutive month, albeit at a more moderate pace, while indicators of input prices strengthened in a sign of ongoing inflationary pressures.