Gold steadies as US dollar firms

Gold prices steadied on Wednesday as support from the safe-haven demand fuelled by geopolitical risks offset the pressure from a stronger US dollar, reports Reuters.

Spot gold was flat at $2,315.98 per ounce by 1127 GMT. US gold futures was down 0.01 per cent to $2,324.00 per ounce.

The US dollar held firm, recouping some of the losses stemming from renewed bets on Federal Reserve rate cuts this year. A stronger dollar makes gold less attractive for other currency holders.

Meanwhile, spot silver fell 0.1 per cent to $27.24 per ounce. Platinum was down 0.6 per cent to $970.40 and palladium lost 0.8 per cent to $963.25.