London: Gold steadied on Monday as the dollar slipped, but higher interest rates in the United States weighing on investor demand and a weak physical market are expected to pressure prices of the precious metal.
Spot gold was up 0.2 percent at $1,244.13 an ounce at 0921 GMT, after marking the lowest since December 12 at $1,236.58 on Friday.
US gold futures were 0.2 percent higher at $1,244.2 an ounce. A lower US currency makes dollar-denominated gold cheaper for holders of other currencies, which could boost demand. The Federal Reserve last month raised its benchmark overnight lending rate 25 basis points to 1.75-2.0 percent. Expectations are for another two rate rises this year and three in 2019. Gold does not earn any interest or dividends and costs money to store and insure.
Sheikh argued that the government should have maintained stable petroleum prices
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