Gold prices steady as dollar edges higher

Gold prices were steady early Wednesday as the dollar edged up, while palladium dipped from record highs touched in the previous session but was in close proximity to the bullion.

Spot gold was at $1,236.85 per ounce at 0121 GMT. In the previous session, prices touched a peak of $1,241.86, their highest since Oct. 26.

US gold futures were down 0.4 per cent at $1,241.4 per ounce.

Palladium dropped 0.1 per cent to $1,231.99 per ounce. Prices soared to a record high of $1,239.50 per ounce on Tuesday, fuelled by speculative interest and tight supplies of the autocatalyst metal, briefly surpassing the bullion.

The dollar index , which measures the greenback against a basket of six major currencies, was marginally up by about 0.1 per cent.

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