Gold steadies after plumbing two-month low


Spot gold was almost unchanged at $1,275.24 an ounce by 0405 GMT. The NASDAQ Composite Index rose 31.50 points, or 0.46 percent to 6806.87 points as of 1830 GMT.

Gold futures on the COMEX division of the New York Mercantile Exchange fell to four month low on Tuesday as the USA dollar index continued to rise.

US gold futures for February delivery settled down $12.80, or 1 percent, at $1,264.90 per ounce. The dollar moved higher at the beginning of the week after the U.S. Senate approved the tax bill that is focused on the U.S. tax system and might increase economic growth.

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However, an ongoing investigation into contacts between Trump's election campaign and Russian Federation, after Michael Flynn, former national security adviser to the President, pleaded guilty to lying to the FBI, sparked concerns among lawmakers and weighed on market sentiment. Bullion has risen 10 percent in the year to date, but momentum stalled in the second half as global equities rallied and an expected hike in USA interest rates approached.

"The latter will likely result in a rate rise and a modest downward pressure on gold, since the rate rise decision is largely priced in by markets", Sharma said.

The Fed is nearly certain to raise interest rates later this month, according to a Reuters poll of economists. Gold is highly sensitive to rising United States interest rates, as these lift the opportunity cost of holding non-yielding bullion.

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Spot gold may break support at $1,262 an ounce, and fall to the next support level at $1,250, Reuters technical analyst Wang Tao said.

Meanwhile, silver was up 0.2 percent to $16.34 an ounce.

Monday's palladium price slide came with a 12,700-ounce reduction in exchange-traded fund holdings, Commerzbank said in a note. Platinum for next January went down 8.5 dollars, or 0.92 percent, to settle at 917.50 dollars per ounce.

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