Gold steadies near seven-week low ahead of U.S. data

Gold steadied on Tuesday near its lowest level in more than seven weeks, as investors awaited U.S. economic data that could give fresh signals about the path of interest rates, amid concerns about continued rising inflation.

Spot gold was steady at $4,124.57 an ounce, while U.S. gold futures fell 0.3% to $4,156.70.

Gold was affected by expectations that U.S. interest rates will remain higher for longer, particularly with oil prices continuing to rise—an effect that could increase inflationary pressures and prompt central banks to keep tight monetary policies, reducing gold's appeal compared with yield-bearing assets.

Markets this week are awaiting ADP jobs data, personal consumption expenditures, and nonfarm payrolls for indicators on U.S. monetary policy.

Among other precious metals, spot silver fell 0.6% to $60.62 an ounce, platinum dropped 1% to $1,699.86, while palladium declined 0.5% to $1,209.08.