Khaberni - Gold increased this Wednesday, supported by buying activities after it had dropped by more than two percent in the previous session following progress in the talks between the United States and Iran, although weak trading due to the Lunar New Year holiday in Asia put pressure on prices.
Gold in spot transactions rose by 0.2 percent to $4886.69 per ounce (ounce) by GMT, after it had dropped more than two percent the previous Tuesday, recording its lowest level in over a week.
The U.S. futures contracts for gold delivery in April remained steady at $4904.50.
The dollar continued its gains this Wednesday as geopolitical risks kept the markets tense, with investors awaiting the Federal Reserve meeting minutes for indicators of potential future interest rate cuts.
The increase in the U.S. currency makes the precious metal, priced in dollars, more expensive for holders of other currencies.
Markets in mainland China, Hong Kong, Singapore, Taiwan, and South Korea are closed for the Lunar New Year holiday, meaning lower trading volumes and potential fluctuations.
