FX.co ★ Gold Holds Steady In Cautious Trade

Gold traded firm on Tuesday despite a stronger dollar and rising yields. The focus shifted to the ECB central bankers' forum in Portugal.

Spot gold edged up 0.1 percent to $1,825.29 per ounce, while U.S. gold futures were up 0.1 percent at $1,826.50.

Gold is tracking gains in the wider commodity complex after China halved the length of mandatory quarantine for inbound travelers, in the biggest relaxation of entry restrictions after sticking to a rigid COVID policy throughout the pandemic.

The relaxation of the country's 'zero-COVID' policy came after Beijing and Shanghai reported no new local COVID-19 infections for the first time in months.

Meanwhile, in a speech at the ECB forum on central banking in Sintra, Portugal, ECB President Christine Lagarde played down fears of a recession in the euro zone.

"We have markedly revised down our forecasts for growth in the next two years. But we are still expecting positive growth rates due to the domestic buffers against the loss of growth momentum," Lagarde said.