SINGAPORE: Gold prices steadied in a tight range on Tuesday, as doubts over a global economic recovery countered pressure from a stronger dollar ahead of policy strategies from central banks in Europe and North America.
Spot gold was steady at $1,929.50 per ounce by 0720 GMT. US gold futures rose 0.2% to $1,938.50.
"There is a bit of downside risk for USD denominated gold prices heading into this week's central bank meetings," said IG Markets analyst Kyle Rodda.
"If it's perceived they're (European Central Bank) jaw boning the currency, that could lead to another short-term lift in the USD and drag-on gold prices."
Market participants' focus will now be on Bank of Canada's policy meeting on Wednesday, followed by the European Central Bank's policy decision on Thursday. The two-day US Federal Reserve meeting is scheduled next week.
On the trade front, President Donald Trump on Monday again raised the idea of decoupling the US economy from China, suggesting the United States would not lose money if the world's two biggest economies no longer did business.
Spot gold is poised to break a support at $1,923 per ounce and fall into $1,880-$1,906 range, said Reuters technical analyst Wang Tao.
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