Gold prices fell on Wednesday amid a stronger dollar, although bullion was still trading in a narrow range as investors awaited new messages from leading central banks on monetary policy plans, especially from the US Federal Reserve.
Spot gold fell 0.3% to $1,827.03 an ounce by 0231 GMT, extending losses to a fourth straight session. U.S. gold futures fell 0.6% at $1,828.10.
The dollar strengthened to recent two-decade peaks, making bullion at the price of the green dollar more expensive for buyers owning other currencies.
"Gold is currently trading in a sideways range in inverse proportion to the US dollar, and we will need a significant movement of the dollar to change that," said OANDA senior analyst Jeffrey Halley.
Market participants are also watching Fed Chairman Jerome Powell's speeches in Washington this week.
If Powell is "hawkish" today, we may see another surge in the strengthening of the US dollar against the background of another increase in yields. This will push gold to decline. Otherwise, I expect minimal impact," Halley added.
According to a Reuters poll, the Fed is likely to conduct another 75 basis point (bps) rate hike in July, followed by a 50 bp hike in September, and will not return to a quarter-percentage-point rate hike before November.
Rising interest rates and bond yields increase the opportunity cost of storing gold, which yields nothing.
Meanwhile, gold could be among the assets that could be the subject of a possible next round of European Union sanctions against Russia, the draft document showed.
Going forward, spot gold could test the support level of $1,821 an ounce, most likely breaking it lower and falling to $1,812, according to Reuters technical analyst Wang Tao.
Spot silver fell 1% to $21.45 an ounce, platinum 0.7% to $930.91 and palladium 0.8% to $1,862.40.