Gold is Trapped in a Narrow Range

Gold prices remained in a narrow range during trading today, Tuesday, as the weak dollar faced a slight improvement in risk sentiment, while the high incidence of infection due to the Coronavirus “Omicron” remains a source of concern for investors.

Spot gold rose 0.1% to $1,791.73 an ounce, while US gold futures fell 0.1% to $1,792.30.

The US dollar index has been swinging well below recent highs, after suddenly losing ground after a blow to Democrats’ spending plans in Washington.

The weak dollar helped make bullion priced in US dollars more attractive to overseas buyers.

Asian shares rose on Tuesday, ignoring a more buoyant Wall Street session yesterday evening, as Chinese markets encouraged Beijing’s efforts to help troubled real estate firms although increasing cases of the Omicron mutation remained a concern for investors.