Gold steady after earlier losses amid concerns about an increase in US interest rates

Gold with a quiet start to the week on Monday is struggling to recover from the losses from the previous session as investors worried over time increase the interest rate in the US.

The spot price of gold was little changed at $ 1,146.70 an ounce. The metal fell 0.7% on Friday after Federal Reserve Chairman Janet Yellen said the US central bank will start to increase interest rates this year.

SPDR Gold Trust, the most clear and bright gold-backed exchange-traded fund in the world said that stocks of the precious metal rose 0.57 percent to 684.14 tons Friday.

Among other precious metals, platinum stabilized on Monday after reporting its biggest weekly decline since July on Friday. The metal had plunged to 6 and a half year low last week based on fears that the scandal Volkswagen emissions may reduce demand for diesel cars. Platinum is used in the catalysts of the vehicles. But there is a ray of hope for the metal with the prospect of more stringent legal emission limits.

Gold probably will test levels of $ 1,139 in a successful breakthrough next support at $ 1127. May and correction and return prices of $ 1,155, followed by resistance at $ 1,162.

E.Dimitrov JrTrader