Picture used for illustrative purpose. File
Gulf Today Report
Gold in a narrow range on Wednesday as investors await US Federal Reserve’s monetary policy decision and US stimulus package.
Spot gold was down 0.1% to $1,849.16 per ounce while US gold futures eased 0.2% to $1,847.50.
Jeffrey Halley, a senior market analyst at OANDA said: "gold appears to be in a holding pattern as investors are waiting for the Fed."
Simple monetary policy pressurizes government bond yields and benefits non-yielding gold.
"The new round of fiscal stimulus may not arrive before mid-March, which is later than what the market had expected... so eventually we may see a delayed and smaller stimulus, which is not good for gold," said DailyFX strategist Margaret Yang.
Yang added that gold is likely to trade between $1,810 and $1,870 in the near term.
Concerns over coronavirus as cases suppress 100 million supports gold.
Spot gold fell 0.6% to $1,885.81 per ounce by 0618 GMT, declining 4.3% so far in the month in what would be its worst monthly performance since November 2016. US gold futures were down 0.5% at $1,893.30.
Spot gold hit its highest since early October 2012 at $1,788.96 in early trade, and by 0958 GMT was at $1,787.31 per ounce, up 0.4%. U.S. gold futures were up 0.3% at $1,805.10 per ounce.
Spot gold was down 0.1% to $1,730.48 per ounce by 03:40 GMT while US gold futures were also down 0.1%, at $1,728.10 per ounce.
Abdulla Bin Touq Al Marri, Minister of Economy, held a bilateral meeting with Bruno Le Maire, the French Ministry of Economy, Finance and Industrial and Digital Sovereignty,
The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) have entered into a Bilateral Currency Swap Agreement between the UAE Dirham (AED) and the Egyptian Pound (EGP).
Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held talks with Zafrul Aziz, Minister of Investment, Trade and Industry for Malaysia,