Gold was steady 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.

Other pillars of support for gold, including turmoil in the banking sector and the US debt-ceiling standoff, have also eased in recent weeks. Still, the metal is trading at relatively elevated levels, even as initial signs of a sell-off in exchange-traded funds emerge.

Spot gold was little changed at $1,957.62 an ounce as of 9:45 a.m. in London. The Bloomberg Dollar Spot Index strengthened slightly after falling 1% last week. Silver, platinum and palladium all edged lower.

Source : Bloomberg