Gold Prices Steady After Hitting High of $1,406.01 an Ounce

Gold prices pushed above $1,400 an ounce earlier in the session Aug. 26 before steadying at $1,396 an ounce. The slight fall of the precious metal was due to investors’ wariness about what the Federal Reserve’s next move would be once new durable-goods data was released, MarketWatch reported.

Gold prices hit a high of $1,406.01 an ounce — a level not seen since June 7, according to Reuters.

“The market is very nervous and unsure, therefore we need a direction,” said Afshin Nabavi, head of trading at MKS in Switzerland. “[The] Fed and U.S. dollar seem to be it for the time being. 1,400 is a big resistance, although overnight we tested 1,407, due to stops.”

U.S. gold futures for December delivery rose $2 today as well to hit $1,397.80 an ounce.