Gold prices held steady on Tuesday, buoyed by bets that the US Federal Reserve would cut interest rates later this year and firm safe-haven demand for bullion as Gaza ceasefire remains uncertain.
Spot gold was flat at $2,322.79 per ounce, after rising over 1 percent in the previous session.
US gold futures was unchanged at $2,331.20.
“Gold has been slowly building a base for the past week, to show demand sits around $2,280. The Fed continue to make noise about the next move likely to be lower, and that’s certainly helped shake a few bears out at these lows,” said City Index senior analyst Matt Simpson.
Fed Bank of New York President John Williams said on Monday that at some undefined point the US central bank will lower its interest rate target.
