Solid dollar keeps gold near two-week low
Investors are also focusing on minutes from the US Fed's November policy meeting that will be released on Thursday
Bengaluru — Gold hovered near a two-week low on Wednesday as the dollar remained buoyant ahead of a speech by US Federal Reserve chair Jerome Powell that is expected to offer clues on the central bank's monetary policy. Spot gold was down 0.1% at $1,213.62 per ounce at 11.03am GMT, having dipped to its lowest level since November 15 at $1,211.36 in the previous session. US gold futures were flat at $1,213.20. "The dollar is slightly stronger again, which is largely dictating gold prices at the moment. Until the Fed chair's speech, we are not going to see much movement," ING analyst Warren Patterson said. "Gold should stay fairly range-bound in the short term. I struggle to see it breaking below $1,200 and likewise on the upside until the end of this year, I struggle to see it breaking above $1,250 as well." The dollar index rose to its highest since November 13. The currency has risen for previous three sessions, taking it near its year high of 97.69. The dollar gained momentum afte...
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