Gold edges lower on dollar strength

Gold prices eased on Wednesday as the dollar held ground at its highest in more than two years and pressured demand for greenback-priced bullion.

FUNDAMENTALS
* Spot gold was down 0.1% at $1,903.16 per ounce, as of 0037 GMT. U.S. gold futures were up 0.1% at $1,905.80.

* The dollar held steady after climbing to its highest since March 2020 on Tuesday as concerns about slowing growth in China and expectations the Federal Reserve will aggressively hike rates boosted demand for the greenback.

* A stronger dollar makes greenback-priced gold less attractive for other currency holders.

* Gold prices had found some support in the previous session as investors sought cover from fears of stalling global economic growth and soaring inflation.

* Bullion is seen as a safe store of value during economic and political crises.

* Russia will on Wednesday stop supplying gas to Poland and Bulgaria, the two NATO and EU members said, an escalation in the deepening rift between the West and Moscow over Ukraine as tensions also surged in neighbouring Moldova.

* U.S. shares tumbled on Tuesday, with the Nasdaq posting its steepest one-day rout since September 2020, while European stocks extended losses for a third session as investors warily awaited U.S. tech earnings and fretted over global slowdown.

* Spot silver gained 0.3% to $23.56 per ounce, platinum rose 0.2% to $922.89, and palladium firmed 0.1% to $2,188.44.

DATA/EVENTS (GMT) 0130 Australia CPI QQ, YY Q1 0130 Australia RBA Weightd Medn CPI QQ, YY Q1 0130 Australia RBA Trimmed Mean CPI QQ, YY Q1