LONDON: Gold steadied on Monday, paring earlier gains as stock markets and the dollar gained, with moves muted ahead of closely watched policy meetings of US and Japanese central banks this week.
The metal, which is highly sensitive to monetary policy and resulting currency moves, bounced to a 13-month high on Friday after the European Central Bank signalled an end to rate cuts, pushing the euro sharply higher versus the dollar.
It later fell back to post its biggest one-day loss in nearly a month, and struggled to gain traction on Monday as US and European stocks rose and the dollar climbed 0.3 per cent versus the euro.
Spot gold was little changed at $1,248.66 an ounce at 1442 GMT, off an earlier high of $1,260.71.
“The expectation is for the market to go through a period of consolidation before moving ahead,” said Ross Norman, chief executive of Sharps Pixley.
US gold futures for April delivery were down $9.60 an ounce at $1,249.80.
Silver was up 0.5pc at $15.54 an ounce, while platinum was up 0.2pc at $962.24 an ounce and palladium was down 1pc at $566 an ounce.
Courtesy : Dawn News