Gold prices post first gain in 4 sessions to settle at highest in nearly a week

Gold futures marked the first gain in four sessions on Tuesday, with prices for the precious metal settling at their highest in almost a week after the International Monetary Fund said the global economy is losing momentum.

“The IMF report has dented the outlook for the U.S. economy, and this has made gold trade attractive once again,” Naeem Aslam, chief market analyst at AvaTrade, told MarketWatch. However, “But the gains may be short lived as we really do not see any major buying pressure backing up the current move.”

In its World Economic Outlook report Tuesday, the IMF said it sees global growth of 5.9% this year, down one-tenth of a percent from July. It also said it sees slowing to 4.9% growth in 2022. For the U.S. the IMF cut its growth estimate for this year by 1% to 6%.