LONDON: Gold steadied below $1,200 an ounce on Wednesday as traders awaited the US Federal Reserve’s last policy meeting of the year, when it may signal how soon it will raise interest rates.

Spot gold was up 0.1pc at $1,197.35 by 1428 GMT. On Tuesday, the metal’s trading was volatile, hitting a session high above $1,221 then a one-week low of $1,188.41 before ending marginally firmer.

US gold for February delivery was up 0.3pc at $1,198.40 an ounce. Demand for physical gold in Asia was lacklustre overnight as traders awaited direction from the Fed, precious metals house MKS said in a note.

Other precious metals firmed with spot silver climbing 0.6pc to $15.77 an ounce and platinum up 0.7pc at $1,197.41 an ounce. Palladium was up 0.3pc at $781.66 an ounce.Published in Dawn December 18th , 2014