Gold continued to trade under pressure by hovering around the $ 1,900 per ounce price affected by the strengthening of the US dollar, which nearly reached a six-week high.
In the Asian session, gold spots declined at $ 1,908 per ounce, while gold futures traded at $ 1,914 per ounce (10.45am Malaysian time).
The precious metal previously plunged over 3% to a one-month low of $ 1,882 per ounce following the strength of the US dollar amid risk-off market sentiment and a sharp fall in global stock markets.
However, due to recent concerns over the second wave of Covid-19 in Europe as well as the possibility of more restrictions being imposed again has prevented gold trading from falling lower and brought it back above the $ 1,900 price level.
So far, the yellow metal has recorded a nearly 10% decline from the all-time high of $ 2,075 per ounce it achieved on August 6 due to a lack of further stimulus measures from the central bank and the US government.
Despite weeks of talking about new coronavirus stimuli, the U.S. Congress is still at a dead end regarding how large the number is and how it will be implemented.
Investors are now awaiting speeches from Federal Reserve policymakers, including Chairman Jerome Powell, who will testify before the U.S. Congress this week.
