Gold was steady in Asia after its first weekly decline in three as the prospect of more monetary tightening and ebbing haven demand kept prices subdued. 

Bullion dipped 0.2% last week on signs the Federal Reserve and the European Central Bank will keep raising interest rates, a negative for non-interest-bearing gold. The precious metal has mainly traded in a narrow range between $1,940 and $1,980 an ounce this month.

Haven assets such as gold are struggling for impetus as markets enter a risk-on mood, following positive signs of a thaw in Sino-US relations and optimism that China will unleash more stimulus to boost its flagging recovery.

Spot gold was little changed at $1,958.30 an ounce as of 8:28 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat after falling 1% last week. Silver and platinum declined, while palladium edged higher.

Source : Bloomberg