Gold Drops as Dollar Strengthens

Gold prices experienced a decline on Wednesday due to a stronger dollar.

As of 02:23 GMT, gold in spot transactions dropped by 0.2% to $3384.49 per ounce, after reaching its highest level since August 11 on Tuesday.

Meanwhile, U.S. gold futures for December delivery remained steady at $3434.20 per ounce. The dollar index rose by approximately 0.2% against a basket of major currencies, thereby diminishing gold's appeal for investors holding other currencies.