Gold steady hovering close to six-week high

SINGAPORE: Gold held steady early on Tuesday, hovering close to a more than six-week high hit in the previous session, on weaker Asian stocks and amid tapered expectations for aggressive US rate hikes this year.
Spot gold rose 0.1 per cent to $1,280.60 per ounce at 0105 GMT. On Monday, it hit a peak of $1,283.27 an ounce, its highest level since April 21.
US gold futures for August delivery rose 0.1 per cent to $1,283.6 an ounce.
Palladium on Monday hit its strongest level since September 2014 at $849.40.
India’s gold imports in May surged four-fold from a year ago to 103 tonnes as jewellers increased purchases to replenish inventory and stock up ahead of a new national sales tax, provisional data from consultancy GFMS showed.
Russia’s largest gold producer Polyus on Monday announced its intention to conduct offering on the London Stock Exchange and the Moscow Exchange.
Russia produced 68.68 tonnes of gold in the first four months of 2017, up from 67.75 tonnes in the same period last year, the finance ministry said in a statement on Monday.— Reuters