Gold futures saw modest strength on Thursday, as the yellow metal benefited from risk aversion in the wake of the worst day for stocks in nearly two years.
Gold futures GC00, +0.47% rose $7.30, or 0.4%, to $1,823.30 an ounce.
Gold has been basically flat this year as the S&P 500 SPX, -4.04% has dropped 18%.
Analysts at HSBC Global Private Banking say the current environment is one that’s mixed for gold.
“Gold of course typically behaves differently from the more cyclical commodities, and the rising real rate and strong dollar are headwinds for gold, while the mixed risk appetite is a tailwind,” the firm said in its second-half investment outlook, which is neutral on the yellow metal and bullish toward the dollar DXY, -0.23%.