Gold held steady on Tuesday with investors staying on the sidelines after a suicide bombing attack in the English city of Manchester left at least 22 people dead and more than 50 injured. The explosion occurred at the end of a concert by US singer Ariana Grande on Monday.
Prime Minister Theresa May said the incident was being treated as a terrorist attack, making it the deadliest militant assault in Britain since four British Muslims killed 52 people in suicide bombings on London's transport system in July 2005. "Right now, precious metals prices are relatively quiet, this despite tragic news coming out of Manchester, England," said INTL FCStone analyst Edward Meir.
Spot gold was nearly flat at $1,259.81 per ounce as of 0823 GMT. US gold futures dipped 0.1 percent to $1,259.70 an ounce. Spot gold may gain further to $1,272 per ounce, following its break above a resistance at $1,257, according to Reuters technical analyst Wang Tao.