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Gold trapped in sideways trading after stemming decline
Gold prices were trapped in sideways trading on Wednesday for the second straight day after stemming the decline that pushed them to five-month lows, while the dollar kept rising today.
Gold last traded at $1,227.7 an ounce, compared to the opening of $1,226.6, with an intraday high at $1,232.5, and a low at $1,220.9.
Gold engaged in sideways trading today after hitting the support of $1,210, which buoyed prices mildly and stopped the decline.
Negative pressures remain on gold prices however amid expectations of a Fed rate hike in December, and amid optimism in the markets about the new U.S. administration and its plans to spur growth by spending on infrastructure.
On the other hand, the dollar rose to a new 11-month high today against main rivals despite weak producer prices data, but that didn't impact gold today.
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