FUNDAMENTALS
* Spot gold held its ground at $1,852.84 per ounce, as of 0048 GMT, after scaling to its highest since May 9 at $1,865.29 on Monday. U.S. gold futures gained 0.3% to $1,852.40.
* The dollar steadied after dropping to a one-month low in the previous session. A weaker dollar makes bullion more attractive for overseas buyers.
* Bullion, seen as a safe store of value during times of economic crises, tends to become less attractive to investors when U.S. interest rates are raised because it yields nothing.
* Asian shares got off to a sluggish start on Tuesday after a rally on Wall Street was soured by an early slide in U.S. stock futures, while the euro was near one-month highs as odds narrowed on a July rate rise by the ECB.[MKTS/GLOB]
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.44% to 1,068.07 tonnes on Monday from 1,063.43 tonnes on Friday. [GOL/ETF]
* Spot silver dipped 0.2% at $21.72 per ounce, and platinum eased 0.3% to $956.10, while palladium edged up 0.2% to $1,996.20.
* Russia’s Nornickel on Monday cut its estimate for the global palladium market deficit in 2022 to 100,000 troy ounces due to lower demand from the car industry amid the Ukraine ..
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