Gold prices held steady on Tuesday after falling from a 3-1/2 month high in the previous session, with investors looking towards a speech later in the day by US President Donald Trump for more clarity on his economic policy. Spot gold was up 0.1 percent at $1,253.93 per ounce at 0734 GMT. The metal hit its highest since November 11 at $1,263.80 on Monday. US gold futures fell 0.3 percent to $1,254.50.
Investors are shifting their attention to Trump's policy speech to a joint session of Congress on Tuesday night where he is expected to provide clues on his plans to cut taxes. "While it is expected (Trump) will announce pro-growth policies there is still large underlying support for the metal and will continue to be until these announcements turn into action," said MKS PAMP Group trader Sam Laughlin. "The key for a leg higher is a sustained move through the 200-day moving average, currently sitting at $1,261.20."
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