Gold prices moved higher on Wednesday as traders picked up the safe-haven asset after reports showed spikes in coronavirus infections and the extension of lockdown measures in several places across the European continent.
A drop in Treasury yields also contributed to the precious metal's uptick. U.S. Treasury yields fell for the third successive day. Germany's benchmark 10-year bond yield fell to a five-week low on doubts about the progress of the global economic reopening.
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Market Analysis
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.