Gold prices held steady near seven-week highs on Wednesday as a rebounding dollar offset support from falling Treasury yields.

Spot gold held steady at $1,779.12 per ounce, after having hit its highest since February 25 at $1,789.77 on Monday. U.S. gold futures were marginally higher at $1,779.25 per ounce.

While benchmark 10-year U.S. Treasury yields dropped below 1.6 percent, the U.S. dollar rebounded from a seven-week low hit overnight, making the safe-haven metal expensive for holders.

Investors now await the European Central Bank meeting on Thursday for further clarity about stimulus plans for the bloc.

A U.S. Federal Reserve policy meeting is due next week, with policymakers expected to stick with the super-easy monetary policy despite progress on the economy.

Fed Chair Jerome Powell said recently that a coming upswing in inflation readings is likely to be transitory and won’t cause the U.S. central bank to change its monetary policy.

The material has been provided by InstaForex Company – www.instaforex.com

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