Gold prices fell on Wednesday away from a six-week high as the dollar inched up ahead of U.S. President-elect Donald Trump's press conference, expected to reveal new economic stimulus measures that could push the dollar higher.
Gold last traded at $1,183.4 an ounce, down from the opening price of $1,186.1, with an intraday low at $1,181.7, and a six-week high at $1,191.3.
Gold prices rose earlier in the session to a six-week high as commodity demand and optimism rose in the markets, while gold returned lower as the dollar edged up ahead of Trump's speech.
Markets expect Trump talk about his stimulus plans and infrastructure spending and corporate tax cuts, which helped stocks and the dollar rise today.
Market optimism and dollar's rise nudged the yellow metal lower on profit-taking after climbing for two weeks, with investors readjusting their positions.