As hopes of relaxing US rates by mid-year strengthen, the gold price held steady above the $2,100 level on Wednesday.

Spot gold fell slightly by 0.1% to $2,126.13 per ounce, starting at 0458 GMT. US gold futures fell by 0.4% to $2,134.30. Spot prices hit a record high of $2141.59 per ounce overnight from Tuesday to Wednesday, recovering for a fifth consecutive session. According to Ajay Kedia, director at Kedia Commodities, Mumbai, the gold rally is motivated by sentiment, which was triggered by poor US economic data last week that gave little clarity for a rate cut in June

Spot platinum rose by 0.4% to $884.16 per ounce, and palladium rose by more than 1% to $958.20, while silver fell by 0.3% to $23.63.