Gold Edges Up; Needs Catalyst to Break Record High

0032 GMT — Gold edges higher in the early morning Asian session in possible position adjustment. The precious metal’s strong run-up so far in 2023 has left it in need of a catalyst to break beyond its record high, the World Gold Council says in its monthly report. One potential contender is a sharp equity correction as valuations remain elevated amid deteriorating fundamentals, the WGC says, noting that gold’s performance during such corrections has nearly always been positive. Spot gold is up 0.2% at $2,032.65/oz. (ronnie.harui@wsj.com)