• Gold prices held steady on Tuesday as investors looked to see if U.S. President Donald Trump would be able to enact promised tax cuts and infrastructure spending, with the dollar drifting slightly higher off of multi-month lows.
Spot gold was mostly unchanged at $1,253.83 per ounce at 0557 GMT, after touching its highest in a month at $1,261.03 the day before.
• "The markets are now starting to settle down as concerns around the implications of the failed (U.S.) healthcare bill seem to have somewhat abated," said ANZ analyst Daniel Hynes.
"We're likely to see gold prices relatively steady for now until there is a little bit more clarity on Trump's other policies, particularly over the tax bill."
Trump suffered a major reversal when Republican leaders pulled legislation to overhaul the U.S. healthcare system. The blow unnerved financial markets, heightening worries about the chances of enacting tax reforms and big spending packages.
The likely upper limit for gold would be at the $1,260 per ounce level over the next couple of weeks, Hynes said, adding that the precious metal would struggle to break through its 200-day average, now at $1,259.12.
• In other metals, spot silver fell 0.2 percent to $18.03 per ounce. In the previous session, the metal touched its highest since March 2 at $18.12.
• Spot silver may break resistance at $18.46 per ounce and rise towards the next level of resistance at $19.34 over the next three months, according to Reuters technical analyst Wang Tao.
Reference:Reuters
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