Gold is moving in a narrow range as investors await new indicators

Gold fell on Wednesday, affected by pressure from the rising US dollar, but prices moved in a narrow range due to the absence of any new influences.

By 0248 GMT, spot gold fell 0.2 percent to $1811.20 an ounce, and US gold futures fell 0.2 percent to $1818.90 an ounce.

Gold is witnessing limited price movements with weak trading activity ahead of the New Year holidays, as well as the absence of any important economic data this week.

The dollar index rose 0.1 percent, which makes gold denominated in the US currency more expensive for buyers than holders of other currencies.

Gold increased by about two hundred dollars after reaching its lowest level in more than two years at the end of September, after the dollar’s attractiveness was negatively affected by expectations that the Federal Reserve would slow the pace of raising interest rates.

Raising interest rates increases the opportunity cost of holding non-interest-bearing gold.

As for other precious metals, silver fell in spot transactions by 0.3 percent to $ 23.98 an ounce, platinum fell 0.4 percent to $ 1015.67 an ounce, and palladium fell 0.4 percent to $ 1821.38 an ounce.