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Gold is stable amid rising dollar and growth concerns
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Gold settled on Tuesday as investors were cautious ahead of a fresh round of US-China trade talks, while the dollar's rally curbed gains in the metal, which draws support from fears of a global economic slowdown.
As of 0660 GMT, the spot price of gold was stable at $ 1309 an ounce, after falling 0.4 percent in the previous session.
US gold futures also settled little changed at $ 1312.70 an ounce.
"Gold is under the influence of the dollar in the near term," said Kyle Roda, market analyst at IG Markets, "Traders are moving out of everything related to Europe, fearing weakness in the region and heading towards US Treasury tools in search of safety, pushing the dollar higher."
When investors buy US Treasuries, they also have to buy the dollar, which increases the cost of gold denominated in US currency to holders of other currencies, which may curb demand.
"Gold is still very solid and will remain within the range of 1305 to 1320 dollars, as investors follow the news of trade talks, the closure of the US government and data coming from the United States and China to draw indicators of weakness in the economy," Roda said.
Palladium rose 0.5 percent in spot trade to $ 1,392 an ounce, while silver rose 0.2 percent to $ 15.74.
Platinum is up 0.6 percent at $ 786 an ounce. At the previous session, the metal touched $ 779.50, its lowest level since January 2.
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