Gold Dips Slightly as Dollar Rises Ahead of U.S. Interest Decision

Gold saw a slight dip on Wednesday as the dollar gained strength following a U.S. jobs report, which pointed to a stronger-than-expected job market, thereby pressuring gold prices ahead of the Federal Reserve meeting, where it is widely anticipated that interest rates may be cut.

Gold's spot price saw a 0.1 percent decrease, settling at $4207.39 per ounce at 01:02 GMT. Meanwhile, U.S. gold futures for February delivery remained steady at $4236.60 per ounce.

The dollar reached its highest level in nearly a week on Tuesday, bolstered by the robust employment figures that highlighted the labor market's resilience ahead of the central bank's meeting.

Among other precious metals, silver in the spot market increased by 0.5 percent, hitting a remarkable peak of $61.02 per ounce, surpassing the $60 threshold that it crossed on Tuesday.

Platinum dropped by one percent to $1672.70, and palladium saw a similar one percent decline, settling at $1491.0.