Gold's hedge status steady

Gold prices were relatively steady as weak markets and falling oil prices continued to prompt safe haven investing of the precious metal.

Spot gold was down 0.2% overnight at US$1088.90 an ounce as a firmer U.S. dollar limited gains.

This levelling off brought the metal to about a 3% higher mark than at the beginning of the year with a string of Chinese stock sell-offs and disappointing U.S. economic data driving most of the sentiment.

Silver meanwhile gained 0.3% to US$13.94 an ounce.

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