News

Gold steadied on Monday, paring earlier gains as stock markets and the dollar gained, with moves muted ahead of closely watched policy meetings of U.S. and Japanese central banks this week.

Spot gold was little changed at $1,248.66 an ounce at 1442 GMT, off an earlier high of $1,260.71. The metal, which is highly sensitive to monetary policy and resulting currency moves, bounced to a 13-month high on Friday after the European Central Bank signaled an end to rate cuts, pushing the euro sharply higher versus the dollar.

The hangover from the U.K.’s decision to exit the European Union continues to weigh on risk assets around the world Monday, with U.S. stocks opening deeply in the red and European stocks falling again.

As financial markets around the world seek stability after Friday’s global selloff after a so-called Brexit vote, or vote by Britain to exit the E.U., high-level policy makers around the globe were taking steps to reassure nervous investors.