LONDON : Gold prices remained steady in early European trade Wednesday as dollar’s gain against the euro prevented any immediate advance for the precious metal.
Spot gold was little changed at $919.30/921.40 an ounce at 3.30 Indian time from $917.15 late in New York on Tuesday.
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A rise in the dollar, typically a key driver for gold, is curbing buying interest in the metal. The greenback was supported as uncertainty over the outlook for U.S. carmakers and falling share prices prompted investors to seek perceived safer assets
Traders are also awaiting an interest rate decision from the European Central Bank on Thursday and Friday's U.S. non-farm payrolls data for direction.
Trading is expected to be muted ahead of Thursday's meeting of G20 leaders. World leaders are gathering in London to tackle the global economic crisis.
Bullion ended the first quarter of the year up 4 per cent, boosted by fears measures to stimulate the global economy would lead to a rise in inflation.
The European Central Bank said it completed the sale of 35.5 tones of gold on Tuesday. However, the news had little impact on price.
The other precious metals were little changed. Spot platinum was at $1,123/1,131 an ounce from $1,123.50, while spot palladium was at $215/218 an ounce, against $213.50.
Spot silver was steady at $12.93/13.00 an ounce against $12.93 late in New York on Tuesday, awaiting direction from gold. Silver prices rose 14 per cent in the first quarter.
