Gold remains stable due to falling yields and the Fed rate hike is imminent. US yields have been impacted against the backdrop of fears of a global recession.

Gold prices have stabilized as investors prepare for an interest rate hike of 75 basis points by the U.S. Federal Reserve this week. Spot gold remained unchanged at $1,726.09 per ounce at 0646 GMT, after falling 0.3% in the first exchanges. It had peaked for more than a week on Friday. American gold futures fell 0.3% to $1,722.30 per ounce.

The gold price has fallen by over $350, or 16%, since it surpassed the $2,000 per ounce level in early March, due to rapid Fed rate hikes and the recent Dollar rally. Cash was down 0.2% to $18.56 an ounce, platinum was stable at $873.68, and palladium fell 2.5% to $1,979.94.