Bengaluru — Gold prices steadied on Tuesday as strong equities provided a risk-conducive backdrop for investors, countering support from geopolitical concerns as Washington ends sanctions waivers on Iranian oil. Spot gold was nearly unchanged at $1,275.10 per ounce as of 0319 GMT. US gold futures were also steady at $1,277.20 an ounce. “Gold is currently trying to find a short-term bottom around $1,274-1,275 an ounce level, especially as equity markets continue to rally,” said Margaret Yang, an analyst with CMC Markets in Singapore. Asian shares hover near a nine-month peak touched last week while stocks on Wall Street were near break-even on Monday as the benchmark S&P 500 index was about 1% away from the record high hit in September. Strong equities of late have wiped off much of gold’s appeal, with the metal now more than 5% below its 2019 peak touched in February. Better-than-expected economic readings from the US and China have also assuaged concerns of a steep global econ...
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