Gold prices hit their highest since March 2022, continuing to rise after weaker U.S. economic data supported hopes that the Federal Reserve will continue to raise interest rates at a slower pace.

The spot gold price remained steady at $2,020.30 an ounce after reaching its highest level since March 2022 at $2,031.89. U.S. gold futures ended Wednesday trading down 0.1% to $2,035.60 an ounce.

Gold crossed the key $2,000 level on Tuesday under the influence of two factors – a sharp decline in U.S. labor supply in February after rising oil prices due to OPEC+ decision to cut production.

Gold could continue rising above the $2,000 mark as concerns about the economy increase, analysts said. In particular, SIX: UBS (UBSG) predicts that gold prices will exceed their all-time high and reach $2,200 by the end of March 2024. A decline in the dollar and U.S. Treasury bond yields further supports it.

Silver fell 0.4% to $24.90 an ounce; platinum lost 2% to $997.22; and palladium dropped 2.2% to $1,425.34.

Earlier, we reported that Brent crude oil futures hit their lowest since 2021 amid the banking crisis.