Gold Price Little Changed On Dovish Rate Talk

San Francisco (Feb 26)  Gold futures were near flat Monday as US stocks surged, denting the precious metal's safe haven appeal.

However, dovish rhertoric from a top Federal Reserve official gave gold prices some support.

The case is being to raise interst rates only three times in 2018.

"If the Committee raises the policy rate substantially from here without other changes in the data, the policy setting could become restrictive," St. Louis Federal Reserve President James Bullard said at the National Association of Business Economists conference.

Bullard has advocated gradual interest rate hikes, but recent said that four rate hikes in 2018 risks slowing the economy.

April gold settled at USD1,332.80/oz, up USD2.50, or 0.2%.

By 2pm EST spot gold was down $ to $1,331, while spot silver slid 9 cenrts to $16.60. On the other hand spot palladium bounced $10 to $1,061.

AllianceNews