Gold prices little changed as rally on Wall Street dampens investment demand

Gold prices hold steady as Wall Street rallies

NEW YORK — Gold prices are holding steady as a rally in stocks keeps demand for the safe-haven asset in check.

Other commodities, like oil and grains, are surging on the day’s upbeat economic data.

Gold for June delivery is down 60 cents to $914.90 an ounce on the New York Mercantile Exchange.

The dollar is weaker against the euro and the British pound, which is offering gold some support. But spirited buying on Wall Street is dampening some of gold’s gains. Stocks surged on better-than-expected jobs data and confirmation that big banks don’t need as much capital as feared.

Gold prices have struggled to climb much higher in recent weeks as investors move into stocks and out of other assets for fear of missing out on the market’s two-month rally.