Gold Steadies After Steep Fall Triggered By Hawkish Fed

Gold prices were a tad higher on Thursday as easing geopolitical tensions offset pressure from a stronger dollar and higher Treasury yields.

Spot gold edged up 0.3 percent to $4,268.61 an ounce, after having fallen 1.7 percent on Wednesday on the back of hawkish Fed policy and upbeat retail sales and housing data released overnight. U.S. gold futures were down more than 2 percent at $4,285.70.

The Federal Reserve held its benchmark interest rate steady on Wednesday but Chair Kevin Warsh’s focus on “price stability” signaled an increasingly hawkish pivot.