Gold steadied on Monday but failed to make any recovery from three straight days of losses as stronger global economic data and higher equities curbed the metal's safe-haven appeal. Asian equities rose, taking heart from upbeat earnings and U.S. economic data that eased global growth fears and sharpened risk appetite. The results of stress tests on European banks at the weekend were received calmly in the market.
Gold's outlook this week will depend on a Federal Reserve policy meeting, when the U.S. central bank is widely expected to end its bond-buying stimulus, OCBC Bank
Spot gold was steady at USD 1,230.86 an ounce at 0309 GMT but isn't far from a one-week low of USD 1,226.17 reached last week. The metal's losses come after global equities posted their biggest weekly percentage gain since July 2013 last week, while the U.S. dollar also strengthened.
Get Free Share Market Tips, MCX Tips Free Trial, NCDEX Tips, Commodity Tips, Nifty Futures Tips with profitable calls and tips.