Gold Steady Around $1200 with U.S. Rate Hike Outlook in Focus

Gold hovered below $1,200 an ounce on Tuesday after slipping nearly 1 percent the session before, pressured by the possibility that U.S. interest rates could rise in the near term.

Spot gold was little changed at $1,198.20 an ounce at 0023 GMT.  U.S. gold for June delivery was steady at $1,198.30 an ounce.

Recent comments from Federal Reserve officials suggest the U.S. central bank has not ruled out the chance of raising interest rates by June even as some analysts doubt that possibility amid signs of renewed economic weakness.