LONDON: Gold prices were steady on Thursday as investors weighed the impact of an expected rise in US interest rates against uncertainty over the direction of US fiscal policy.

Gold is highly exposed to interest rates and returns on other assets because rising rates lift the opportunity cost of holding non-yielding bullion.

Spot gold was flat at $1,277.70 an ounce at 1236 GMT, having touched a 3-1/2 week high of $1,289.09 on Wednesday. US gold futures for December delivery were also barely changed at $1,277.

Gold has traded in a tight range spanning about $24 in November.

In other precious metals, palladium broke a five-session losing streak, rising 0.4pc to $987 an ounce after touching a two-week low on Wednesday. Silver gained 0.4pc to $17 and platinum slipped by 0.3pc to $928.70.

Published in Dawn, November 17th, 2017