Gold Steady as Traders Weigh Rate Path, Easing Middle East Fears

Gold held a small decline as traders digested comments from a senior US policymaker that suggested a slower pace of monetary easing may be likely, while haven demand fell amid fading concerns about an escalation in Middle East conflicts.

Bullion was little changed near $2,650 an ounce — just shy of the all-time high reached last month — after fluctuating between small gains and losses in the previous session. Federal Reserve Governor Christopher Waller on Monday said recent economic data signals policymakers can approach subsequent interest-rate reductions with less urgency than they applied at their gathering last month. Lower interest rates are usually seen as bullish for the non-yielding precious metal.