Gold steadied near a seven-week low, with the precious metal remaining pressured after Donald Trump's election victory sparked a surge in the dollar.

The greenback gauge has risen to its highest in nearly two years, making dollar-priced commodities like bullion more expensive for most buyers. Hedge funds have unwound bullish bets on the metal and exchange-traded fund flows have become less supportive amid a broad rotation into U.S. equities.

Bullion has fallen 7% from an all-time high hit on Oct. 31, but is still up more than a quarter this year. Bullion has been supported by the Federal Reserve's monetary easing cycle, central bank purchases and rising geopolitical and economic risks that have boosted demand for safe-haven assets. Investors will be watching the U.S. core consumer price index, which excludes food and energy, due later Wednesday for clues on the Fed's next move after the central bank cut interest rates by 25 basis points last week. Many economists see potential inflationary impacts from Trump's policies, including trade tariffs, leading to fewer rate cuts than previously expected. Lower borrowing costs tend to benefit gold, which doesn't pay interest.

Spot gold was little changed at $2,598.670 an ounce at 8:27 a.m. in Singapore, after falling 0.8% in the previous session. The Bloomberg Dollar Spot Index rose for a fourth day. Silver, palladium and platinum were steady.

Source: Bloomberg