On Wednesday, the price of gold is noting an increase, but it is likely to remain limited, as expectations of interest rate hike by the Federal Reserve next week are putting pressure on the precious metal.
As of 10:13 GMT, gold rose 0.32% to $ 1173.85 per troy ounce. On Monday, the price fell to $ 1,157.00, the lowest level since February 5.
Gold remains under pressure on the eve of the long-awaited increase of the interest rate by the US central bank next week.
According to the forecast, now the futures on the federal funds assess the probability of a rate hike during the next meeting of the US central bank (on December 13-14) at 97.8%.
On Tuesday, data showed that the volume of industrial orders in the US rose in October at the fastest pace in nearly six years, showing further evidence that the manufacturing sector is recovering, and increasing expectations of a rate hike.
A strong US dollar and high interest rates put pressure on gold, because they reduce the metal's appeal as an alternative asset and increase the price of dollar-denominated commodities for holders of other currencies.
The USD Index, which tracks the greenback against a trade-weighted basket of six major rivals, is trading at 100.52.
Last month, the index soared to 13.5-year high at 102.05 and gold collapsed by almost 8%, while the US government bond yields rose on expectations of an increase in budget expenditures and a more rapid pace of monetary tightening during the Trump administration.
Meanwhile, the Comex traded silver futures reached $16.83 per troy ounce, while copper futures are at $2.69 per pound.
Palladium fell 0.62% to $729.85 per ounce, while platinum fell to $ 933.7, after a jump to more than three-week high in the previous session.