NEW YORK: Gold steadied on Wednesday as investors took advantage of a recent surge in prices to lock in profits ahead of a slew of US economic data that could influence the Federal Reserve monetary policy meeting next week.
Spot gold was little changed at $1,936.79 per ounce by 12:07 p.m. ET (1707 GMT). US gold futures rose 0.1% to $1,938.00.
Some corrective price action and profit-taking from traders are the reasons for the slight pullback in gold, which “could be argued as being healthy for the uptrend to be extended,” said Jim Wyckoff, senior analyst at Kitco Metals.
Gold prices rose to a nine-month high on Tuesday as fears over global recession and hopes around slower rate hikes from the US central bank boosted its allure.
The dollar was 0.1% lower, making gold more attractive to holders of foreign currencies and limiting the yellow metal.
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