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Bengaluru. — Gold was steady yesterday with investors staying on the sidelines following an explosion in the English city of Manchester that left at least 19 people dead and more than 50 injured. The explosion occurred at the end of a concert by US singer Ariana Grande on Monday, in what two US officials said was a suspected suicide bombing. Prime Minister Theresa May said the incident was being treated as a terrorist attack.

“Right now, precious metals prices are relatively quiet, this despite tragic news coming out of Manchester, England. We suspect that gold will respond more forcefully going into Tuesday’s session as geopolitical tensions start to rise again,” said INTL FCStone analyst Edward Meir.

Spot gold was up 0,1 percent at $1 261,55 per ounce as of 3.39am GMT. US gold futures rose 0,1 percent to $1 262,20 per ounce. The metal has been supported by the political tension in the US due to the ongoing controversies involving President Donald Trump, and the dollar’s weakness against the euro.

“The weaker dollar is helping gold . . . Chopping off of some long positions has made the market healthier,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

Spot gold advanced by 2,2 percent last week as the furore over Trump’s alleged links to Russia and his firing of former Federal Bureau of Investigation (FBI) director James Comey raised concern about his ability to push through promised fiscal stimulus. — Reuters.