Several negative factors in the market were supposed to support gold trading to rise but the widespread strengthening of the US dollar hampered the movement of the yellow metal.
This caused gold to remain flat at around $ 1,900 an ounce during the Asian session while the king of the US dollar continued to rise higher to its latest two -year high.
The US dollar continues to find support from investor confidence for the Federal Reserve (Fed) to implement an aggressive interest rate hike this year to curb inflation.
Gold gained little strength to remain stable amid a strengthening US dollar, from world concerns over the continued closure in Shanghai potentially weakening the Chinese and global economy.
Not only that, but rising geopolitical tensions also clouded market sentiment even more after Russia announced the suspension of gas supplies to Poland and Bulgaria.
Rising inflationary pressures in most major countries also helped the stability of the precious metal. Most recently, Australia's inflation rate was reported to have jumped to a 21 -year high, sparking speculation for the central bank to raise interest rates.
