US dollar

After 11 days of consecutive gains gold remained steady below its record high on Tuesday.

Experts believe gold appeal as a safe haven will remain as there is no short-term prospects for euro zone crisis solution while the White House was pursuing a fallback plan with Congress to raise the U.S. debt ceiling and avert a default that could plunge global financial markets into chaos.

Spot gold was little changed at $1,602.41 an ounce by 0325 GMT, off the record high of $1,607.01 reached on Monday.

U.S. gold GCcv1 was almost steady at $1,603.20.

Gold moved higher during Thursday trades further accumulating its gains boosted by inflation concerns which prompt central banks to raise their interest rates.

China hiked rates by 25 basis points on Wednesday, and the European Central Bank is expected to follow suit later on Thursday.

"The rate move reignited the inflation issue and people started to think that it is more of an issue than expected," said Jonathan Barratt, managing director at Commodity Broking Services in Sydney.

On Tuesday gold prices remained just below $1,500 an ounce in Europe as the US dollar increased against the euro offsetting the positive impact of rising risk aversion fuelled by uncertainty over plans to roll over Greek debt.

Spot gold was trading at $1,497.45 an ounce at 0923 GMT, against $1,495.54 late in New York on Monday. U.S. gold futures for August delivery GCv1 rose $15.90 an ounce to $1,498.40.

The euro declined as the US dollar appreciated on worries over China’s economy and concerns that the US companies will pull back their dollars earned overseas.

The euro lost its gains against the dollar and the yen as traders sold the single currency after Standard & Poor's warned that Greece's debt rollover plan could shift the ratings into selective default.

Meanwhile, the euro fell to a 4-day low against the pound.

The euro declined to a 4-day low of 0.9007 against the pound, compared to last week's close of 0.9043. If the euro slides further, it will fall below 0.90 and target the 0.898 level.

On Monday gold increased by 0.5% as investors decided to benefit from the lowered prices while expecting the euro to further advance against the US dollar.

Spot gold was quoted at $1,494.59 an ounce at 1138 GMT compared to $1,485.80 late in New York on Friday. U.S. gold futures for August delivery rose $12.60 an ounce to $1,495.20.

Greece last week approved austerity measures needed for it to access another tranche of funding from the European Union and IMF, sparking a relief rally in some assets seen as higher risk, and weighing on gold.

Spot gold remained steady during Friday trades completing the week of narrow trading as investor appetite for the save haven bullion diminished on Greece’s austerity measures.

Thursday Greek parliament passed the final austerity measures so as to get the emergency financing from the international lenders and avoid a default.

Meantime, it is widely expected that concerns over troubling US economy will support gold’s appeal.

Spot gold was little changed at $1,498.70 an ounce by 0602 GMT, nearly flat from a week earlier.

The UK pound dropped against most majors in early trading on Thursday in spite of a rally in European equities as traders were getting the disappointing consumer confidence data from the U.K.

Moving further down the UK pound achieved a 3-day low of 128.45 against the Japanese yen around 5:30 am ET. At the moment the currency pair is trading at 128.51 with 128.20 seen as the next likely downside target level.

The Swiss franc was trading diversely on Thursday having declined against the dollar and yen, while appreciating against the pound and leveling off versus the euro.

Having dropped to an 8-day low of 1.2098 against the euro at the beginning of Thursday's European deals the franc moved sideways in the following sessions.

The euro-franc pair thus moved just above the 20-day SMA and is presently trading at 1.2080 with 1.2150 seen as the next likely resistance level,ie, the 30-day SMA. On the downside, the pair may test support around the 1.1980 level.

Gold dropped slightly on growing investors’ appetite for risk after Greece looked increasingly likely to push through austerity measures, which offset the potentially bullish impact of a weaker dollar.

During the past three months gold has been benefiting from the investor concerns over Greece's potential to affect the rest of the euro zone economy, of the triple disaster in Japan and over the outlook for global economic growth.

UK pound appreciated further against the Japanese yen and the US dollar on Tuesday morning in New York trades.

The pound advanced to a 6-day high of 129.66 against the yen around 10:30 am ET, exactly at the point of a 20-day simple moving average. The pound-yen pair is presently worth 129.52 with 130.60 seen as the next likely resistance level, ie, the 50-day SMA.

Tuesday gold increased again to above $1,500 an ounce in Europe regaining its losses in line with oil prices as hopes that Greece's debt crisis may be contained tempered risk aversion.

Gold is closely linked to foreign exchange moves, as it is often traded as a currency.

Spot gold was bid at $1,501.39 an ounce at 1108 GMT, against $1,496.20 late in New York on Monday. U.S. gold futures for August delivery GCv1 rose $5.90 an ounce to $1,502.30.

The European single currency dropped against major rivals during early European trading on weakening equities as traders are reducing the euro positions ahead of the two-day Brussels summit.

The euro declined against the US dollar to a 3-day low of 1.4252. The next downside target level is seen at 1.4186.

The common currency depreciated against the Swiss franc to a 1-week low of 1.1981 around 3:15 am ET. At the moment the currency pair is quoted at 1.20. On the downside the next target level is seen at 1.1948.

The Swiss franc surged up against major counterparts in early trading on Thursday as the official report showed that Switzerland saw its trade surplus increased to a record high of CHF 3.31 billion last month.

Against the UK sterling the franc increased to a new record high of 1.3443 and the upside target level is seen at 1.3464.

The franc rose to a 1-week high of 1.1977 against the euro at about 5:40 am ET. At the moment the currency pair is trading at 1.1979. On the upside level the next target is seen at 1.1948.

Gold declined after the US Federal Reserve said US growth was slowing but gave no hint that it needed to provide additional economic stimulus.

The gold price is expected to grow 0.4% this week bringing gains for the month so far to 0.7 percent.

Spot gold priced in dollars was last down 0.4 percent on the day at $1,543.29 an ounce by 0834 GMT, having failed to convincingly pierce a key level of resistance at $1,550.00 the previous day.

Gold stayed almost unchanged ahead of the upcoming report on a US Federal Reserve meeting. On Wednesday the Fed ends its two day meeting which is expected to clarify the situation about an economy.

Spot gold traded steadily at $1,545.93 an ounce by 0542 GMT after rising as high as $1,547.90 on Tuesday. In early May gold reached a lifetime high around $1,575.

"Approaching the resistance level, we can say gold is a bit cautious," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.