Gold recoups its losses ahead of the release of US economic data

Gold prices stabilized today, Wednesday, and recovered from their early losses, coinciding with the dollar’s decline from its highest level in six weeks and investors awaiting the release of a set of US economic data this week.

According to Reuters, gold settled in spot transactions at $2,029.39 per ounce by 0815 GMT, while US gold futures rose 0.2% to $2,030.50.

The dollar index fell 0.3% after recording its highest levels since December 13 on Tuesday, making the yellow metal priced in the US currency more attractive to foreign buyers.

Gold prices stabilized today, Wednesday, and recovered from their early losses, coinciding with the dollar’s decline from its highest level in six weeks and investors awaiting the release of a set of US economic data this week.

According to Reuters, gold settled in spot transactions at $2,029.39 per ounce by 0815 GMT, while US gold futures rose 0.2% to $2,030.50.

The dollar index fell 0.3% after recording its highest levels since December 13 on Tuesday, making the yellow metal priced in the US currency more attractive to foreign buyers.