Gold is looking for US interest rates after falling from a 15-week high

Economy and stock exchange

Gold prices held steady on Thursday, hovering below the 15-week high seen in the previous session, boosted by trade concerns and the possibility of a US interest rate cut, even as some investors are selling the precious metal to profit-taking, after rising recently.

Gold futures rose 0.1% to $ 1331.43 an ounce, after hitting a 20-day high of $ 1343.86 last session. Gold futures in the US futures contract rose 0.2% to $ 1335.60 an ounce.

"Over the past two days we have seen high-risk assets starting to recover from signs that the Federal Reserve (Fed) has taken a slightly more relaxed stance," said Benjamin Lo, analyst at Singapore-based Philip Futures.

Lu said investors made some profit after gold prices rose $ 70 in the last five sessions and recent weak economic reports from the United States reinforced bets that the Fed would cut interest rates.

US employers in the private sector hired employees in May, the slowest pace in more than nine years, in a look of weakness attributed to rising global trade tensions, job data showed.

For other precious metals, silver settled in spot trading at $ 14.80 an ounce, after touching a one-month high of $ 15.04 in the previous session.

Palladium rose 0.6 percent to $ 1336.95 an ounce, while platinum gained 1 percent to $ 806.97 an ounce, after hitting a three-week high of $ 832.63 on Wednesday.

(tt) gold (t) US interest (t)