Gold holds above $1,200, but US rate hike worries weigh

Gold steadied above $1,200 an ounce on Monday after rising more than 1 percent in a chart-based rebound the session before, but persistent concern that the US central bank is on course to lift rates this year should cap any gains.



Federal Reserve official Jeffrey Lacker repeated on Friday his call for the US central bank to consider hiking interest rates in June, and said there was no shame in adjusting them lower again if economic data demanded it.



Spot gold was flat at $1,206.93 an ounce by 0212 GMT. Bullion climbed 1.1 percent on Friday as bulls attempted to push the price past the $1,210 resistance level.



US gold for June delivery was up 0.2 percent at $1,207.20 an ounce.



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Posted in: Indian Market Tips