Gold steadied today,  Tuesday, erasing earlier gains, as the dollar recovered lost ground against a basket of currencies, reducing the precious metal’s appeal as an alternative asset.

Gold slid more than 1 percent on Monday as a stronger dollar dented interest in the metal as an alternative asset, with investors buying the currency as a safe store of value amid fears over the economic outlook.

Gold rose above $942 per ounce on Monday, strengthening as the dollar turned lower against six major currencies with slight caution toward riskier assets also proving supportive.

Gold fell around 0.8 percent on Monday, heading towards $920 per ounce, with dollar strength against a basket of major currencies sapping the appeal of bullion and other commodities priced in the U.S. unit.

Gold steadied today as the dollar index reversed earlier losses, but trading was muted as the U.S. currency remained hemmed into ranges ahead of a Federal Reserve meeting next week.

Gold tracked back from its lows on Thursday as the dollar retreated from earlier highs, with worse-than-expected U.S. macro data and weaker European equity markets fuelling doubts a recent winning streak was sustainable.

Gold terms record highs in sterling terms, Indian futures… SPDR Gold (GLD) Trust sees near 5 percent inflow…

The Markets await the Obama economic stimulus and bank rescue plans…  AngloPlat reports higher earnings but flags up cost fears… Johnson Matthey (JMAT) sees 2009 platinum demand declining 5 pct…

Q4 GDP data shows U.S. economy shrank less than expected… Indian gold, euro-priced gold hit records…  Silver hits highest level since Oct 1…

European shares gain for third consecutive session… Euro up against dollar, yen as risk aversion ebbs …  SPDR Gold Trust ETF, iShares silver ETF at record