Gold prices fell on Wednesday, to head for the first daily gain in 4 days, as the US dollar's rally paused against a basket of major currencies, but today's gains are still ebbed by weak safe-haven demand.

Gold prices rose 0.65% to $1,872.35 an ounce, after opening at $1,860.32, and hit a session-low at $1,860.08.

The yellow metal lost 1% yesterday, and posted its third straight daily loss on stronger dollar and profit-taking from 6-week high of $1,906.74.

The dollar index fell more than 0.3% today, on track for the first loss in 4 days, which lifts gold and other dollar-denominated metals prices.

The dollar's rally paused after investors' sentiment improved relatively, despite the fears over the new Covid-19 strain and concerns about the Brexit negotiations between Britain and the European Union.

The market sentiment was boosted after the US Congress passed a $900 billion fiscal aid package after months of talks between the US Democratic and Republican parties.

Gold stocks at the SPDR ETF fell 2.33 metric tonnes yesterday, with the total at the lowest level since June 22 of 1,167.53 MT.

Oil prices fell on Wednesday, and hit the lowest level in a week and deepened losses for the third straight day, after a build in the US crude inventories, according to preliminary data. Ahead of the US Energy Information Administration's weekly report.

US crude fell 1.3% to the lowest level in a week at $46.18 a barrel, after opening at $46.78, and hit a session-high at $46.84, and Brent fell 1.2% to $49.22 a barrel, after opening at $49.82, with a high of $49.88.

US crude lost 2.3% yesterday, in its second straight daily loss on correction and profit-taking from its 10-month high of $49.29 a barrel, and Brent crude futures fell 2.1%, on profit-taking from the highest since in 9 months at $52.46.

Alongside profit-taking, oil prices were weighed down by renewed global demand concerns due to warnings about the newly identified coronavirus strain in the United Kingdom and several other countries around the world.

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories rose by about 2.7 million barrels during the week ending December 18, higher than forecasts of a drop by 3.2 million barrels.

The total commercial inventories rose to 402 million barrels, the highest level since the week ending September 4, which is considered a negative sign of the US domestic demand.

While the US Energy Information Administration's official data will be released later today, amid forecasts for inventories to fall by 2.9 million barrels.

Asian stock indices opened the third session of the week mostly higher with Japan, China, Australia, New Zealand, and South Korea all higher, after Congress passed a nearly $900 billion stimulus package and amid continued coronavirus concerns in the markets. 

From Japan, Bank of Japan released the minutes of the December meeting, at which it maintained rates at negative 10% and opened the door for more easing if needed. 

Congress finally passed a $892 billion stimulus package to support the economy after months of bilateral negotiations, but outgoing president Donald Trump is not expected to sign it into law. 

South Korea announced new sharp gathering restrictions as coronavirus cases hit new record highs on Sunday, with another infection record hit in Tokyo. 

Japan's TOPEX fell 0.08%, while Nikkei 225 rose 0.13% to 26,470. 

China's CSI 300 rose 0.58%, while Shanghai added 0.62% to 3,374. 

Hong Kong's Hang Seng rose 0.08%, while South Korea's KOSPI climbed 0.61% to 2,750. 

New Zealand's NZX 50 rose 0.98%, while Australia's S&P/ASX 200 climbed 0.57% to 6,636. 

USD/JPY tilted lower in Asian trade following earlier data from Japan and ahead of US data. 

As of 06:59 GMT, USD/JPY fell 0.19% to 103.44, with an intraday low at 103.43. 

From Japan, Bank of Japan released the minutes of the December meeting, at which it maintained rates at negative 10% and opened the door for more easing if needed. 

From the US, unemployment claims for the week ending December 19are expected down 3K to 882 thousand, while continuing claims are expected up 50K to 5.558 million. 

US durable goods orders are expected up 0.6% in November, slowing down from 1.3%. 

US personal income is expected down 0.3%, while personal spending is expected down 0.2% in November. 

US housing prices index is expected up 0.6%, slowing down from 1.7%, while new home sales are expected down 0.3% to 999 thousand units. 

Congress finally passed a $892 billion stimulus package to support the economy after months of bilateral negotiations, but outgoing president Donald Trump is not expected to sign it into law.