NEW YORK: Gold prices remained largely steady in global markets on Wednesday, but expectations of higher interest rates continued to weigh on the precious metal, putting gold on track for a monthly decline of around 6%.
Spot gold was trading near $4,180.30 per ounce as of 0435 GMT on Wednesday, with little significant movement recorded during the session. Meanwhile, US gold futures rose 0.8% to $4,212.70 per ounce.
The US dollar is also on course for a monthly gain. A stronger dollar makes dollar-denominated precious metals more expensive for buyers holding other currencies, putting additional pressure on gold prices.
Other precious metals also remained under pressure. Spot silver fell 0.6% to $61.07 per ounce.
Platinum declined 0.2% to $1,703.19 per ounce, while palladium also fell 0.2% to $1,220.61 per ounce.
Based on the current market trend, gold, silver, platinum and palladium are all heading towards monthly declines.
