Gold futures traded lower Wednesday morning, slipping back below the $1,800 level that the precious metal has struggled to hold above since November.
The decline for the yellow metal came amid a slight rise in the U.S. dollar and steady Treasury yields.
February gold
GCG22,
GC00,
was trading $15.50, or 0.9%, lower at $1,795.30 an ounce, following a 0.1% gain on Tuesday with bullion touching an intraday peak at $1,821.60 before gains faded.
“Nevertheless, the latest attempt to convincingly break above $1,800 didn’t end well, as the precious metal has now pulled back towards this key level after briefly brushing $1,820/oz yesterday,” wrote Raffi, Boyadjian, lead investment analyst at brokerage XM, in a daily note.
Gold futures have been trading in a relatively tight range over the past month as concerns about the omicron variant of the coronavirus and uncertainty around the effectiveness of policies to combat inflation have buffeted markets.
Meanwhile, silver futures for March delivery
SIH22,
were trading 25 cents, or 1.1%, lower at $22.88 an ounce, following a 0.9% decline in the previous session.
