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Gold settles as investors look for direction from Fed and inflation data
Gold prices stabilized on Wednesday, as the dollar's decline overshadowed the rise in US Treasury yields, while investors liquidated their positions ahead of US consumer price data due this week.
And at 1935 GMT, the price of gold in spot transactions reached $ 1784.90 an ounce, up 0.05%, after falling from its highest level in the session of $ 1792.90.
And US gold futures settled at $1,785.50 an ounce, largely unchanged.
"The strong pressure on gold is coming from higher Treasury yields, but the upside in yields is largely limited," said Philip Strebel, senior market analyst at (Blue Line Futures) in Chicago.
And US benchmark Treasury yields rose, which reduces the attractiveness of the precious metal. On the other hand, the dollar index fell, which makes gold cheaper for holders of other currencies.
