Gold prices held within a tight range in Asian trade on Tuesday, amid a steady dollar as investors awaited the next steps over US tax reform legislation. Spot gold edged 0.1 percent lower to $1,275.06 an ounce, as of 0814 GMT, holding between $1.277.01 and $1,273.96 so far this session. US gold futures were steady at $1,277.80.
"Gold is expected to trade in a narrow range between $1,260- $1,290 per ounce - with near term movements more towards the lower end of the range. The passage of the US tax bill would likely boost equities and be detrimental to gold," said John Sharma, an economist with National Australia Bank. Spot gold looks neutral in a narrow range of $1,272-$1,277 per ounce, Reuters technicals analyst Wang Tao said.