LONDON: Gold steadied on Wednesday off the previous day’s two-week low as the dollar retreated after its biggest daily rise in two years, but remained under pressure from expectations that a US rate increase may come soon.

Gold fell 1.7pc on Tuesday, its biggest one-day drop this month, after firmer US data supported the view that the Federal Reserve may raise interest rates this year.

Spot gold was $1,186.66 an ounce at 1418 GMT, little changed from late Tuesday, while US gold futures for June delivery were down 50 cents at $1,186.60. The metal has held within a $1,175-1,125 range for most of the last month.

Silver was down 0.2pc at $16.68 an ounce, while platinum was down 0.2pc at $1,121 an ounce and palladium was up 0.8pc at $783.25 an ounce.

Published in Dawn, May 28th, 2015

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