During the early and mid-session on Wednesday, gold futures rose in line with general optimism.

During the European session on Wednesday, gold futures rose.

In the Comex division of the New York Mercantile Exchange, gold futures for April were trading at $2,185.95 per troy ounce. At the time of writing this report, they were up by 0.40%.

Early in the session, it reached a session high of $2,196.30 per troy ounce. Gold is likely to find support at $2,157.50 and resistance at $2,211.60.

The Dollar Index Futures, which tracks the dollar’s trend against the basket of the other six major currencies, increased by 0.14% to trade at $104.14.

On the other hand, in the Comex, silver for delivery in May rose by 0.02% to trade at $24.63 per troy ounce, while copper for delivery in May fell by 0.60% to trade at $3.98 per pound.

Additionally, Jerome Powell, the Federal Reserve Chair, indicated that an unexpected increase in the unemployment rate could lead to an acceleration in planned rate cuts, contributing to a 1.3% increase in the price of gold on the day of the decision, just a few days ago.

“For the current week, the market is expected to keep its focus on the upcoming PCE inflation report and comments from Fed members that could influence the metal’s price,” the financial entity noted.