Gold held steady for a second day, with investors weighing the impact of a sluggish Chinese economic recovery on global growth against signs the US Federal Reserve is nearing the end of its monetary-tightening cycle.

Concerns about the world’s second-biggest economy triggered a warning from US Treasury Secretary Janet Yellen about the potential ripple effects, though she reiterated that she doesn’t expect a recession in the US, where the inflation threat is lessening. That’s adding to optimism the Fed may soon pause rate hikes, which are typically negative for gold as it doesn’t bear interest.

• Swaps traders are still almost fully pricing in a 25 basis point hike when Fed policymakers meet later this month
• Spot gold was little changed at $1,954.81 as of 8:15 a.m. in Singapore, after rising almost 2% over the previous two weeks. The Bloomberg Dollar Spot Index was steady. Silver, platinum and palladium fell