Gold commodities continued to trade weakly around a four-month low on Wednesday as market sentiment weakened demand for safe-haven, following the start of the official transition process of President-elect Joe Biden to the White House easing US political uncertainty.
Gold traded flat at the start of the European session hovering around the price of $ 1,805 per ounce, after touching the support level at $ 1,800 during Tuesday's trading session. Gold futures, meanwhile, declined to $ 1,801 an ounce.
President Donald Trump gave Biden a chance to receive a daily presidential briefing, signaling he was slowly relinquishing his power despite still denying recent election results.
The official start of Biden's transition to the White House and the positive developments over the potential Covid-19 vaccine have boosted market confidence for economic recovery, seeing the Dow Jones stock index soar to 30,000 for the first time in history.
Market focus has now shifted to the publication of a report on the minutes of the FOMC meeting early Thursday morning for clearer indications of the Federal Reserve (Fed) views on current monetary policy.
