Gold prices near a two-week low

Gold prices stabilized today, Thursday, after falling to the lowest level in two weeks in the previous session, as investors awaited US inflation data in search of indicators about the path of the Federal Reserve (the US central bank) reducing interest rates.

Gold settled in spot transactions at $2,299.55 per ounce by 02:55 GMT, after it fell yesterday, Wednesday, to its lowest levels since June 10, according to “Reuters.”

US gold futures fell 0.1% to $2,310.20, while the dollar hovered near the highest level in 8 weeks, making gold more expensive for holders of other currencies.

Tim Waterer, chief market analyst at KCM Trade, said: “The rise of the US dollar, accompanied by a rise in bond yields, has made the price of gold seem to be swimming against the current.”