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.
IMF lifts global growth forecast, still sees exceptional uncertainty
Gold prices advance on US stimulus hope
UK unemployment reaches 5.0 per cent
"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 was down 0.3% at $1,734.31 per ounce by 03:45 GMT while US gold futures were also down 0.3% at $1,733.70 per ounce.
Spot gold was steady at $1,711.61 per ounce by 02:57 GMT while US gold futures dipped 0.3% to $1,710.20.
Spot gold rose 0.4% to $1,707.81 per ounce by 05:23 GMT while US gold futures climbed 0.4% to $1,704.90.
The non-cash payments in the UAE alone are expected to account for 73 per cent of the total transaction volume by the end of 2023, according to a recent report.
Helsinki: Housing prices in Finland are expected to have the biggest drop this year since 1993, according to a housing market review conducted by Hypo, a credit institution specialising in the sector.
Iraq on Saturday presented an ambitious plan to turn itself into a regional transportation hub by developing its road and rail infrastructure, linking Europe with the Middle East.