SINGAPORE, Sept 22 (Reuters) - Gold was steady on Tuesday
and trading below a near three-week high, retaining overnight
losses as investors propped up equities and the U.S. dollar,
denting the metal's appeal as a hedge.
FUNDAMENTALS
* Spot gold XAU= was little changed at $1,133.35 an ounce
by 0042 GMT, after a 0.5 percent drop on Monday. The metal had
climbed to a near three-week high of $1,141.50 last week.
* Wall Street and European stocks rebounded more than 1
percent on Monday in rallies that, along with robust gains in
the dollar and global oil markets, showed investors were tilting
toward riskier assets. MKTS/GLOB
* The drop in bullion prices comes after sharp gains last
week following the Federal Reserve's move to keep U.S. interest
rates unchanged near zero. Higher rates would have reduced
demand for non-interest-paying gold.
* Despite the gains, bullion investors continue to fret over
the timing of an eventual rate hike.
* Comments from a top Fed official signalled that the U.S.
central bank could hike rates later this year.
* Atlanta Fed President Dennis Lockhart said on Monday last
week's decision was largely a "risk management" exercise to be
sure recent market volatility would not become a drag on the
U.S. economy. He said he still expects the Fed to hike rates
later this year.
* The market is now waiting to hear from Fed Chair Janet
Yellen herself, who is due to speak on Thursday. Yellen is
facing growing pressure from her colleagues and global investors
to clarify where the world's biggest central bank is heading and
how it is making its decisions.
* SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.53 percent to
674.61 tonnes on Monday, reflective of investor sentiment.
* For the top stories on metals and other news, click
TOP/MTL or GOL
MARKET NEWS
* The greenback hovered at its highest in nearly two weeks
early on Tuesday as dollar bulls appeared to recover from their
disappointment over the Fed's decision last week to delay a hike
in interest rates. USD/
DATA AHEAD (GMT)
1300 U.S. Monthly home price index Jul
1400 Euro zone Consumer confidence Sep
1400 U.S. Richmond Fed composite index Sep
PRICES AT 0042 GMT
Metal Last Change Pct chg
Spot gold 1133.35 0.25 0.02
Spot silver 15.18 0.02 0.13
Spot platinum 969.55 3.55 0.37
Spot palladium 611.92 0.92 0.15
Comex gold 1133.1 0.3 0.03
Comex silver 15.19 -0.031 -0.2
Euro 1.1191
DXY 95.882
COMEX gold and silver contracts show the
most active months