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Gold flat as dollar strength counters safe-haven demand

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Gold prices were steady on Wednesday as the metal was caught between a strengthening U.S. dollar and a pullback in global equities, with investors awaiting monetary policy strategies from central banks.

FUNDAMENTALS

Spot gold was little changed at $1,929.30 per ounce by 0038 GMT, after falling to a near two-week week low of $1,906.24 on Tuesday.

U.S. gold futures eased 0.3% to $1,936.80.

The dollar jumped to a near one-month high, as the pound dropped to a six-week low on renewed worries about Brexit and as risk appetite waned. A stronger greenback makes gold more expensive for holders of other currencies.

Asian stocks were set to come under pressure on Wednesday after Wall Street sank for the third consecutive day.

Britain will set out new details of its blueprint for life outside the European Union on Wednesday, publishing legislation a government minister acknowledged would break international law in a “limited way” and which could sour trade talks.

More than 27.47 million people have been reported to be infected by the novel coronavirus globally and 893,290? have died, according to a Reuters tally.

Euro zone data showed its economy shrivelled slightly less than initially estimated in the second quarter, but the drop was still the sharpest ever as consumer spending slumped due to COVID-19 restrictions.

Market participants are now waiting for the European Central Bank policy meeting due on Thursday, while the U.S. Federal Reserve‘s next meeting is scheduled for next week.

U.S. Customs and Border Protection officials have prepared orders to block imports of cotton and tomato products from western China’s Xinjiang region over allegations they are produced with forced labour.

Silver fell 0.2% to $26.66 per ounce, platinum was steady at $901.29 and palladium rose 0.2% to $2,279.67.

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