Gold mostly unchanged

Reuters

Bengaluru

Gold was mostly unchanged on Tuesday, holding on to its losses from the previous session as a pickup in investor appetite for risky assets capped demand for the precious metal.

Gold shed almost a percent on Monday, when stock markets in the United States logged record highs amid hopes that a decline in U.S. corporate earnings was bottoming out - dragging on bullion´s safe-haven appeal.

As of 0645 GMT on Tuesday, spot gold was up 0.1 percent at $1,330 an ounce, while U.S. gold was 0.1 percent higher at $1,330.80 an ounce.

"It´s that allure of risk-on environment that we are in which is weighing on the gold prices.

What we saw on Monday was a bit of a reaction to Friday´s solid U.S. retail numbers," said Dominic Schnider of UBS Wealth Management in Hong Kong.

"We shouldn´t forget that people have already piled in tremendously, be it the futures or the ETFs.