Gold prices held steady on Tuesday as investors awaited US retail sales data that could serve as an indicator of the strength of the world's largest economy amid lingering concerns over global economic slowdown. Spot gold was flat at $1,413.68 per ounce, as of 0734 GMT. US gold futures were up 0.2% at $1,415.80 an ounce. "Today we are sort of getting neutralised because we are heading into retail sales tonight. Investors are positioning realising there could be a knee-jerk reaction lower again if retail sales numbers come out strong," said Stephen Innes, managing partner, Vanguard Markets.
Gold hit $1,438.63 for the first time in six years last month, supported by expectations of a rate cut by major central banks and concerns about the global economy. "We are relatively neutral on gold at this stage, since we are not seeing much movement in other markets that could potentially impact it, namely, a clear direction for the dollar and US Treasury yields," INTL FCStone analyst Edward Meir said in a note. Spot gold remains neutral in a narrow range of $1,404-$1,421 per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao.
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