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NEW YORK: Gold prices steadied on Monday, helped by a weaker dollar as recession fears persisted, while investors watched for any cues on policy moves at the European Central Bank’s forum in Portugal.

Spot gold was flat at $1,825.79 per ounce by 12:10 p.m. ET (1610 GMT). US gold futures fell 0.2% to $1,826.30.

The dollar fell, making bullion more appealing for overseas buyers.

In the short term, gold’s outlook is mixed as there is “great uncertainty this summer”, with chances of a more aggressive Federal Reserve on one side and recession risks on the other, said Edward Moya, senior analyst with OANDA.

“However, gold still does look attractive in the long term due to recession risks for the end of next year,” Moya added.

Capping gold’s advance was a rise in US 10-Year Treasury yields.

Gold is considered a hedge against inflation spikes and economic risks, but higher interest rates raise the opportunity cost of holding the non-yielding asset.

Investors are watching for any signs of future policy moves as central bank heads, including ECB President Christine Lagarde and Fed Chair Jerome Powell, attend the annual forum in Sintra.

Meanwhile, analysts said a plan by Britain, the United States, Japan and Canada to ban imports of Russian gold to tighten sanctions on Moscow may only have a limited fundamental impact.

“Not much gold is being exported to the G-7 nations, primarily because of the lack of flights from Russia since the war started. The impact on the gold price has thus far been negligible,” Stephen Innes, managing partner at SPI Asset Management, wrote in a note.

Russia, the world’s third-largest gold producer, accounts for about 10% of global production.

Spot silver rose 0.7% to $21.26 per ounce, platinum fell 0.5% to $903.08.

Palladium rose 0.7% to $1,888.50.

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