Gold steady as US data eyed; platinum group metals rise

Shanghai (May 27)  Gold was little changed on Tuesday as investors await U.S. economic data for directional cues, while platinum group metals rose for a second day as labor strikes dragged on in key producer South Africa.

Spot gold was flat at $1,292.40 an ounce by 0027 GMT. The metal has been trading in a tight range in the last few sessions, struggling to get past $1,300.

Investors were also eyeing developments in Ukraine, after it launched air strikes and a paratrooper assault against pro-Russian rebels who seized an airport on Monday.

China has approached foreign banks and gold producers to participate in a global gold exchange in Shanghai, people familiar with the matter said, as the world's top producer and importer of the metal seeks greater influence over pricing.

Platinum and palladium both gained about 0.2 percent as work stoppages continued at Anglo American Platinum, Impala Platinum and Lonmin in the longest strike in the South Africa's history.