And gold fell in spot transactions 0.1% to $ 1850.50 an ounce by 11:55 GMT, keeping the movement within a relatively narrow range, while there was little change in the US gold futures contracts to reach $ 1853.40.
“Sentiment is completely mixed and this is leading to that sideways trading,” said Ole Hansen, analyst at Saxo Bank, adding that gold needs to break the $1,870 barrier to gain some new momentum.
He added, “Developments in both treasury yields and the dollar are not favorable (for gold)… But in return, we have the World Bank lowering the global growth forecast to take into account.”
Yesterday, the World Bank cut its forecast for growth in 2022 by regarding a third, and warned of the high risks of stagflation, providing some support for gold as an asset that is considered safe havens for value.
Meanwhile, US consumer price data on Friday may provide indications of whether the Federal Reserve will continue its policy of raising interest rates.
Expectations that the Federal Reserve will raise interest rates at its meeting this month helped the dollar index rise 0.2%, and kept the 10-year US Treasury yields near the key level of 3%.
For other precious metals, the price of silver fell 0.9% to $ 22.00 an ounce, platinum fell half a percent to $ 1005.89, and palladium fell 0.9% to $ 1965.31.
