LONDON - GOLD held broadly steady on Monday just shy of US$995 (S$1,424) per ounce, consolidating stellar gains last week that took it tantalisingly close to the $1,000 psychological level, with buyers encouraged by dollar weakness.

Spot gold stood at US$993.50 per ounce by 1206 GMT, broadly steady from US$993.40 quoted late in New York last Friday. The price rose as far as US$997.20 last week - its highest since February, when it topped US$1,000.

While the gold price found support at lower levels, trading ranges were narrow and volumes were said to be thinner, with investors restraining themselves due to a US public holiday.

A confluence of dollar weakness - making the metal more attractive to non-US investors - and doubt about the sustainability of global economic recovery prompted a spate of investors to seek refuge in gold last week, as prices hit six-month highs.

Analysts said a run to US$1,000 was inevitable.

'I'd have thought the momentum was with the bullish side of the market, so it looks like it might spike over $1,000 either today or tomorrow,' VM group analyst Matthew Turner said. -- REUTERS