On Wednesday, gold prices remained stable, adhering to a trading range that had been set over the previous week due to ongoing speculation that Fed could lower interest rates sooner in 2024.

Spot gold muted at $2,040.03 per ounce, meanwhile gold futures added 0.1% to $2,053.05 per ounce.

Both experienced solid gains yesterday, buoyed by slumped greenback to the lowest level in four months and as treasury yields dipped beyond key levels.

Growing expectations for lower interest rates in the upcoming year seem to have produced a trading range for the yellow metal, which is currently trading between $2,050 and $2,000 an ounce. However, due to traders' heightened appetite for risk, capital flows into gold remained constrained as they piled into assets with greater yields.

Nevertheless, the price of gold continued to rise above the desired $2,000 mark; this week's advances also brought the metal closer to all-time highs of about $2,150 an ounce.