Gold is locked in a narrow range

Gold traded within a narrow range on Wednesday as investors awaited the Federal Reserve’s meeting next week to assess the bank’s monetary policy stance.

And gold in instant transactions witnessed a slight change to $ 1772 an ounce by 0650 GMT. US gold futures rose 0.1 percent to $1,783.90.

A rising dollar makes the precious metal less attractive to overseas buyers. The dollar index rose 0.2 percent.

US consumer price index data for November is scheduled to be published on December 13, while the last meeting of the Federal Reserve for 2022 is scheduled for December 13-14.

Higher interest rates have weighed on gold’s traditional position as a hedge against inflation and other uncertainties this year, increasing the opportunity cost of holding non-yielding bullion.

As for other precious metals, spot silver rose 0.7 percent to $22.31.

Platinum fell 0.3% to $986.15, while palladium rose 1.2% to $1,871 an ounce.