Gold prices ended lower on Wednesday as the majority of market participants opted to remain on the sidelines ahead of the European Central Bank meeting.
Gold prices fell in U.S. trading on Wednesday, giving back all of the gains made in the previous session.
Gold prices rose $5.28 on Tuesday to settle at their highest levels in nearly a year as the weakness in the dollar and equities markets whetted investors’ appetite for the relative safety of the precious metal.
XAU/USD swung between gains and losses after opening with a gap up and ended the day with minor losses.
Gold prices settled at $1324.59 an ounce on Friday, making a gain of 2.4% on the week and 4.1% over the month.
Gold prices rose $12.06 an ounce on Thursday after the Fed’s preferred inflation gauge remained below its annual target and the latest housing data came in weaker than expected.
Gold prices ended Wednesday’s session down $1.12 as the dollar moved higher on the back of better-than-expected economic data.
Gold fell on Tuesday after hitting a multi-month high in the session as some investors used this opportunity to take profit.
Gold prices fell in U.S. trading on Tuesday, erasing earlier gains, as a rebound in stock markets put pressure on the metal.
Gold prices ended Monday’s session up $17.85, helped by a slumping U.S. dollar index that hit a 15-month low.
Gold was extending its gains in afternoon U.S. trading as disappointing U.S. housing data pressured the dollar. XAU/USD reached the $1308-$1304 area
Gold prices settled at $1291.46 an ounce on Friday, gaining 0.6% on the week, as a drop in the U.S. dollar index lent some support to the precious metal. T
Gold prices ended Wednesday’s session up $5.71 as disappointing U.S. economic data and political uncertainty weighed on the dollar.
Gold prices fell $6.89 an ounce on Tuesday but remained within the trading range of the past four sessions as the battle between the bulls and the bears continued.
Gold prices rose $8.18 on Monday to settle at their highest level since June 6 as the greenback continued to weaken and equities edged lower.