Gold was steady near a three-month low on prospects for more interest-rate hikes from major central banks.

Traders are giving up on the idea that the Federal Reserve will cut rates this year after Chair Jerome Powell flagged last week that the benchmark rate could go up by another half percentage point by the end of 2023. Other monetary authorities -- including the European Central Bank -- have also signaled they will keep hiking. 

The precious metal has fallen around 7% from a peak in early May on the likelihood of higher rates, which are typically negative for gold as it doesn't offer interest. However, it may be gaining some support over growing fears of a Fed-induced recession in the US.

Spot gold added 0.1% to $1,924.43 an ounce as of 8:33 a.m. in Singapore. The Bloomberg Dollar Spot Index was steady, after declining 0.1% in the previous session. Silver was flat, while platinum and palladium edged higher.

Source : Bloomberg