Tuesday, bullion prices drifted higher hovering $1,100 an ounce as recent sharp losses offered some bargain hunting incentives, but key events including a US interest rate decision later in the week kept investors cautious.

Spot gold added 0.3% climbing to $1,101.75 per ounce as of 2:25 GMT, compared to New York's notional close of $1,097.95.

The gold market has stabilized from Friday's fall to a near 5-week low of $1,081.90 when news of President Barack Obama's proposal to limit financial risk-taking hit the broader commodities markets.

US gold futures for February delivery rose by 0.6% to $1,101.70 per ounce, compared to $1,095.70 an ounce on the COMEX division of the New York Mercantile Exchange.

Holdings at the SPDR Gold Trust, which stayed unchanged from the previous business day at 1,111.922 tonnes as of January 25, reflected bullion market decline. 

Concerning industrial metals, spot platinum was worth at $1,556.50 per ounce while spot palladium was quoted at $440.00.

Platinum and palladium, valued for their use in automobile catalytic converters, have been rising and hit multi-month highs last week on strong demand for U.S.-based exchange-traded funds backed by the metals launched earlier this month.

Holdings of ETF Securities' US-based platinum exchange-traded fund rose 10% Friday, while those of its US palladium product climbed by a
third, the company said on Monday.


Around 2:52GMT the precious metals was quoted as much as:

Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1101.30 3.35 +0.31 0.51
Spot Silver 17.18 0.06 +0.35 2.08
Spot Platinum 1555.50 9.00 +0.58 6.03
Spot Palladium 440.00 -1.00 -0.23 8.51
TOCOM Gold 3211.00 4.00 +0.12 -1.47 34597
TOCOM Platinum 4524.00 21.00 +0.47 3.26 11760
TOCOM Silver 50.60 0.30 +0.60 -2.13 455
TOCOM Palladium 1280.00 14.00 +1.11 9.87 216

TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices are in $ per ounce.