Bengaluru — Gold steadied near a more than six-month peak on Thursday as the dollar’s slight recovery offset concerns about economic growth after US-China talks failed to provide clarity on efforts to end their trade dispute.

Spot gold was little changed at $1,293.42 an ounce as of 11.15am  GMT, hovering near last week’s peak of $1,298.42 — a level last seen in the middle of June. US gold futures gained 0.2% to $1,294.20 an ounce.

“Gold has a certain underlined resilience, which suggests a significant portion of investors remain apprehensive to the macro-economic backdrop and so they want to use gold as an insurance,” said Capital Economics analyst Ross Strachan.

Concerns to economic growth continue to remain in the market with data showing that China’s consumer prices and factory-gate inflation both increased less than expected in December, while economic data in the eurozone has remained consistently weaker than forecasts over the past few months.

“So far this week, prices have failed to fall below $1,277 and are now trying to again attack the $1,300 level. If they manage to reach this threshold, there would be space for further rallies,” ActivTrades chief analyst Carlo Alberto De Casa said in a note.

Also indicating investor interest in gold, holdings in the world’s largest gold-backed exchange-traded fund (ETF), SPDR Gold Trust, rose 0.3% on Wednesday, to their highest level since late July. But limiting gold’s gains was a firmer dollar, which gained against a basket of six other major currencies, having fallen to a near three-month low earlier in the session.

“The dollar is performing very strongly in sterling terms and gold has an overhead resistance up above the $1,300 level,” said Ross Norman, CEO at Sharps Pixley. “Gold, at the moment, seems to struggle with anything that resembles a technical resistance.”

In other metals, palladium fell about 1% to $1,311.99 an ounce, after scaling an all-time high of $1,342.43 in the previous session.

“There is always a potential for some profit-taking in palladium,” Strachan said. “With the fact that reports on the trade front were a bit further away from an agreement than what appeared to be the case this time yesterday, a little bit of the froth in palladium prices is being removed.”

Delegations from China and the US ended three days of trade talks in Beijing on Wednesday, but there were few concrete details on the US meetings, which were not at a ministerial level, so were not expected to produce a deal to end the trade war.

Silver was down 0.5% at $15.67 an ounce, while platinum edged up 0.2% to $826.50.