Gold prices jumped over the key levels this morning.

Gold prices extended gains on Wednesday morning, finding comfort above $2000 as caution reigned ahead of the US inflation data. The prices of the yellow metals were stimulated after Minneapolis Federal Reserve President Neel Kashkari indicated in a potential recession this year.

Currently, gold trades at $ 2012.70, which is a further gain of $9.18 or 0.46% from the previous close of $2003.41. The daily trading range is from $2002.16 to 2021.03, while the trading volume is $ 89.419K.

The precious metal continues to draw strength from a weaker dollar despite last Fridays jobs report boosting expectations for one more Fed rate hike. Even though the Fed has implied in to preserve rising interest rates to curb high inflation.

In addition, the USD fell versus the main pairs, while Treasury yields also dropped in overnight trade. All of these boosted demand and gold prices.

On the other side, higher concerns of a recession weighed on the industrial metals.