Gold was mostly unchanged on Tuesday, holding on to its losses from the previous session as a pick-up in investor appetite for risky assets capped the demand for the precious metal.

Gold shed almost a per cent on Monday, when stock markets in the United States logged record highs amid hopes that a decline in US corporate earnings was bottoming out – dragging on bullion’s safe-haven appeal.

As on Tuesday, spot gold was up by a slight 0.1 per cent at $1,329.01 (£1,007.82) an ounce, while US gold was also up 0.1 per cent at $1,330.10 (£1,008.64) an ounce.

However, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, firmed 0.25 per cent to 965.22 tonnes on Monday.