Gold prices moved little on Wednesday after losses in the prior session saw futures lose a key bullish level, while strength in the dollar continued to weigh on broader metal prices.
Copper prices also steadied on Wednesday after losing key levels in the prior session, coming under pressure from a stronger dollar and a barrage of weak manufacturing data from across the globe.
But some signs of recovery in the U.S. manufacturing sector and construction spending boosted the dollar as markets feared that resilience in the U.S. economy will give the Fed enough headroom to keep raising interest rates.
This notion weighed on gold and most other metal prices, which stand to lose in a higher rate environment.
Spot gold steadied at $1,949.88 an ounce, while gold futures expiring in December were flat at $1,986.35 an ounce by 20:23 ET (00:23 GMT). Both instruments slid between 0.6% and 1% on Tuesday, with gold futures also losing the key $2,000 an ounce level.
