Gold prices steady on robust dollar

Gold prices were flat on Tuesday, languishing near a more than one-week low hit in the previous session, as the dollar held firm on growing expectations the Federal Reserve will not be more aggressive with rate cuts this year, reports Reuters.
Spot gold was steady at $2,025.53 per ounce, as of 1218 GMT, after hitting its lowest since January 25 in the previous session. US gold futures fell 0.1 per cent to $2,041.60 per ounce.
"Gold bulls have been slammed by stronger-than-expected US economic data, and have been forced to revisit lower levels as markets continue to lower their bets for a Fed rate cut in March," said Han Tan, chief market analyst at Exinity Group.
"Bullion should rise as that first Fed rate cut looms closer. However, if the Fed is forced to delay the start of its policy pivot, that should prompt the precious metal to unwind more of its recent gains in the interim."
Spot silver fell 0.4 per cent to $22.27 per ounce, palladium was down 1.5 per cent to $934.25 and platinum lost 0.5 per cent to $892.38.