The precious metal hit a high of $1219.80 an ounce, while currently trading around $1216.08 from the opening at $1215.55.
Gold managed to rise for the first time in 10 sessions on Tuesday, yet it locked its worst monthly drop in six months in May.
The metal had been under pressure since the release of the Fed’s minutes for April meeting, where the dollar soared to its highest level since March.
The dollar remains unable to resume its rally after hit a peak of 95.90, while currently trading lower around 95.56.
Later in the day, the U.S. will release its ISM manufacturing, yet investors will give utmost attention to labor market data that will starts with the release of the ADP employment on Wednesday and ends with the awaited NFP on Friday.
Data released on Tuesday showed U.S. consumer spending recorded its biggest increase in more than six years in April, but Chicago PMI and consumer confidence showed a retreat in May.
Asian shares were mostly lower on Wednesday as the drop in oil prices cut demand on risky assts.
Gold has found support near the physiological level of $1200 an ounce, but may come under pressure again amid rising bets the Fed may raise interest rates in either June or July.
Tags:
