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European shares rise as global tech selloff eases

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Fed policy meeting begins later on Tuesday

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Trump's second term sets bullish path for gold in

2025-poll

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Analysts cut 2025 platinum, palladium forecasts-poll

(Updates with EMEA morning hours)

By Anjana Anil

Jan 28 (Reuters) - Gold prices held steady on Tuesday,

anchored by stability in European equities and U.S. stock

futures, a day after bullion's sharp decline amid a tech-led

sell-off.

Spot gold was steady at $2,741.64 per ounce, as of

9:20 GMT. U.S. gold futures rose 0.3% to $2,745.30.

"After the drop yesterday, with gold likely being used to

cover losses in other asset classes, stable equity markets in

Europe are keeping gold stable too," UBS analyst Giovanni

Staunovo said.

Gold fell over 1% on Monday, marking its steepest drop since

Dec. 18, as investors rushed to liquidate bullion to offset

losses triggered by a sharp pullback in technology stocks,

spurred by DeepSeek's low-cost, low-power AI model, casting

doubt on the dominance of traditional AI giants.

Investors' focus is now set upon the Federal Reserve's first

meeting this year, scheduled to start later in the day.

Policymakers are expected to leave interest rates unchanged

at the end of the two-day meeting.

However, U.S. President Donald Trump saying he wants

borrowing costs to be lowered cast some doubt over the

independence of the Fed's decision.

"Market uncertainty should still support demand for gold

over the coming months, we still look for higher prices later

this year, driven also by further rate cuts by the Fed,"

Staunovo added.

Trump's policies, in addition to being perceived as

inflationary, could potentially trigger trade wars, increasing

safe-haven demand for bullion.

Gold prices look set for a record-breaking year due to

heightened economic uncertainty and inflation concerns, a

Reuters poll showed.

However, analysts downgraded their 2025 price forecasts for

platinum and palladium as demand struggles to improve

significantly.

Spot silver fell 0.7% to $29.99 per ounce, palladium

firmed 0.1% to $961.96 and platinum shed 0.3% to

$944.45.

(Reporting by Anjana Anil in Bengaluru; Editing by Varun H K)