Gold steadies amid assessment of further US rate hike prospects

Gold prices steadied in early Asian trading on Thursday as investors assessed the likelihood of the Federal Reserve (the U.S. central bank) raising interest rates again this year.

Spot gold showed little change, holding at $4,285.31 per ounce by 0022 GMT, while U.S. gold futures for December delivery were steady at $4,321.40.

Although gold is typically viewed as a hedge against rising inflation, higher interest rates tend to reduce its appeal, as it yields no income.

Among other precious metals, spot silver fell 0.6% to $64.08 per ounce, platinum held steady at $1,749.47, and palladium rose 0.2% to $1,261.95.