Gold holds near $1,200, US rate hike outlook in focus

Gold steadied just above $1,200 an ounce on Tuesday after slipping nearly 1 per cent in the previous session, with the possibility of a near-term hike in US interest rates limiting any upside potential.



Recent comments from Federal Reserve officials suggest the US central bank has not ruled out the chance of raising interest rates by June even as some analysts doubt that possibility amid signs of renewed economic weakness.



Spot gold was up 0.3 per cent at $1,201.30 an ounce at 0216 GMT. US gold for June delivery gained 0.2 per cent at $1,201.10 an ounce.



Gold has not dropped too far off a seven-week top above $1,220 hit last week, indicating bulls were ready to push prices up if more signs emerge that a US rate hike would be delayed.



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Posted in: Indian Market Tips