Gold prices were seen trading flat on Wednesday; holding on to gains seen in the previous session, the US dollar edged lower following the release of the downbeat US consumer confidence reports.
Traders are keeping an eye on the expected US housing report due later today, while a speech from Boston’s Federal Reserve (Fed) President Eric Rosengren is expected to be given later in the day as well.
Gold futures for April settlement dropped 0.08% lower to $1,341.40 an ounce at the time of writing, while Silver was seen 0.29% to $21.905 at the same time.
The US dollar index, which measures the strength of the greenback against six major currencies, came in 0.05% lower to 80.179.
Holdings in the world biggest gold-backed exchange-traded fund; came in at 801.61 tones on Monday.
The Precious metal rallied 11% this year as the Federal Reserve reduced its monthly bond purchases, rebounding from the 28% drop seen last year.
Gold – Consumer Confidence
On Tuesday, gold prices were seen climbing following the release of the downbeat US consumer confidence data.
Consumer confidence in the US fell to 78.1 points in February, slightly lower than the previous reading of 79.4 seen in January and compared to analysts forecast of a reading of 80.0.
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