Gold price on Wednesday (21/7) moved to consolidate in the range of US$1795-1815 per troy ounce.

Commodity Market Observer Ariston Tjendra said there was a tug of war for safe-haven assets where the market preferred the US dollar to gold.

"However, the strengthening of gold prices is also supported by the improving US housing data released last night which shows the improvement of the US economy," he said in Jakarta.

He explained that the price of this precious metal may still be supported above US$1,800 today because of the safe-haven status of gold.

"Market concerns about the increase in COVID-19 cases because the delta variant is still rising," he said.