LONDON: Gold prices steadied on Tuesday, weighed down by expectations for an interest rate rise by the US Federal Reserve that boosted the dollar but supported at the margins by political risks in Europe.
Spot gold was unchanged at $1,203.61 per ounce at 1254 GMT as investors took a wait and see approach ahead of the Fed meeting. US gold futures were steady at $1,203.70.
Gold hit a five-week low on Friday but recovered quickly after a US non-farm payrolls report failed to meet elevated expectations, weighing on the dollar. Gold’s quick recovery Friday underlined its resilience, Boele said.
Holdings of the SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, rose 0.83pc on Monday.
Silver was flat at $16.94 per ounce. Platinum dipped 0.16pc at $937.50 an ounce, while palladium fell 0.82pc to $746.20.