Gold Settles Below $ 1,800 as Markets Await Indicators From Central Banks

Gold prices stabilized today, Wednesday, below the important level of 1,800 dollars, as the rise of the dollar led to an increase in the cost of gold to holders of other currencies, while investors awaited indications from the major central banks regarding measures to reduce stimulus.

And gold settled in the spot market at $ 1795.22 an ounce, near the lowest level in more than a week at $ 1791.60, which it touched yesterday. And gold futures in the United States fell 0.1 percent to $ 1796.90.

The dollar index rose to a one-week peak against major peers, buoyed by a rise in US Treasury yields and a weaker euro ahead of the European Central Bank’s policy decision.

The recovery of the US labor market last month was affected by the growing number of Covid-19 cases, which raised speculation that the Federal Reserve would delay the reduction of stimulus. The Federal Open Market Committee meets this month.

Investors are cautious ahead of the European Central Bank meeting on Thursday in anticipation of the possibility of tapering stimulus measures.

In terms of other precious metals, silver fell 0.1 percent to $24.27 an ounce, platinum rose 0.2 percent to $1,000.56 and palladium lost 0.3 percent to $2366.52.