Gold prices have been described as "stuck" after the price of the commodity slipped over the course of the first three months of the year.
A trader told The Bullion Desk that he believes investors are waiting for the release of the minutes of the Federal Open Market Committee (FOMC) before making their move.
"This morning, the market is drifting – shorts are covered, longs are dropping. I don't think it will go anywhere until the FOMC minutes later," the source said.
The price of gold is therefore expected to remain at what he deemed to be the psychological level of $1,595/$1,600 (£1,042).
It was mixed news for other precious metals, as silver was 20 cents lower at $27.74 per ounce, platinum was down by $10 at $1,533/1,543 and palladium at $718/723 was $6 down.
According to a recent report by the Wall Street Journal, the price of gold is currently much higher in Japan when compared to other parts of the world.
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