Gold nursed steep losses on Tuesday, trading well below a
one-year high reached last week, as a rebound in global equities and the return of risk
appetite dulled demand for the safe-haven asset.
Spot gold held steady at $1,208.56 an ounce by 0042 GMT.
The metal fell to a session low of $1,201.65 on Monday, before closing the day
down 2.3 percent.
On Thursday, gold hit a year-high of $1,260.60 as
concerns over the health of the banking sector and fears of a global slowdown
prompted investors to stay clear of equities and buy safe-haven gold.
Asian shares are expected to consolidate gains on Tuesday
as the Chinese currency and shares show signs of stability, oil prices rebound,
and solid U.S. consumption data suggest last week's sell-off was overdone.
Among other precious metals, spot silver steadied after
falling 2.4 percent on Monday. Platinum edged up 0.7 percent, while palladium
was down 0.2 percent.
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