Gold prices were steady on Tuesday, as traders refused to commit in either direction in the absence of market-moving catalysts.
Spot gold held its ground at $1,824.51 per ounce, as of 0246 GMT. US gold futures were flat at $1,824.50.
A move by Britain, the United States, Japan and Canada to ban new imports of Russian gold is being seen as largely symbolic within the global bullion market, as Russian exports to the West have already dried up.
Gold rises as G7 nations plan to ban bullion imports from Russia
On Monday, gold was bumped higher in Asian trading by the news, before quickly losing momentum to end the session lower.
“The ‘Russian gold ban’ was the catalyst that never was. Russian assets have been a no-go since Russia’s invasion, so the G7’s confirmation of a gold ban was a non-event. And that leaves gold where it began the week – in the middle of a choppy range,” City Index senior market analyst Matt Simpson said.
Benchmark US 10-year Treasury yields eased after gains in the previous session, buoying demand for gold.
The dollar was steady. Gold has been tracking the currency closely, and its strength has put a lid on prices of greenback-priced bullion in recent weeks.
“Gold remains a traders’ market – which is vulnerable to false breaks and quick turnarounds on little news. This means range-trading strategies are preferred until we see a catalyst, which instils some life back into markets,” Simpson said.
Asian shares edged down in early trade with investors taking their cues from a volatile Wall Street session overnight, while oil prices climbed following last week’s rout.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.44% to 1,056.40 tonnes on Monday from 1,061.04 tonnes o Friday.
Spot silver fell 0.4% to $21.06 per ounce, and platinum eased 0.3% to $905.04, while palladium rose 0.7% to $1,883.69.
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