Grapevine

Gold holds ground on dovish Fed-speak, Mideast concerns

Gold prices steadied on Tuesday after surging to a record high in the previous session, following broadly dovish comments from U.S. Federal Reserve officials and escalating tensions in the Middle East.

Spot gold was steady near $2,627.43 per ounce as of 0227 GMT. Bullion hit a record high of $2,635.29 on Monday.

U.S. gold futures were also nearly unchanged at $2,652.50.

"Gold prices continue to be well-supported amid a series of dovish Fed rhetoric overnight," said IG market strategist Yeap Jun Rong.

Fed policymakers on Monday said their large half-point rate cut last week was meant to try to sustain what they see as an emerging and healthy balance in the economy.

Chicago Fed Bank President Austan Goolsbee said there are "lots of cuts" to come over the next 12 months, while Fed President Neel Kashkari noted that the actual path would depend on incoming data.