Gold prices inched down on Thursday, after hitting a more than two-week low in the previous session, as investors grappled with the likelihood of more interest rate hikes by central banks to contain inflationary pressures, APA-Economics reports citing Reuters.
Spot gold was down 0.1% at $1,992.23 per ounce, as of 0332 GMT. U.S. gold futures fell 0.2% to $2,004.00.
"Despite gold's break below $1,980 yesterday, investors were quick to snap up the quick discount and drive spot prices back above this key support level... But we're also on guard for the U.S. Federal Reserve members to remain hawkish into Saturday's blackout period ahead of the Fed's next meeting," said Matt Simpson, a senior market analyst at City Index.
The dollar index was steady. A stronger dollar increases gold's cost to buyers holding other currencies.
Spot silver lost 0.5% at $25.12 per ounce, platinum fell 0.4% to $1,085.81 and palladium dipped 0.5% to $1,607.49.
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