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Gold gained on the final day of the quarter as rising investor anxiety over Deutsche Bank AG’s finances spurred a selloff in equities and helped to underpin demand for a haven but a firmer dollar capped gains.

The dollar index, which measures the greenback against a basket of currencies, was firm at 95.573.

Gold has climbed “on some risk-aversion buying due to European banking worries,” said Jeffrey Halley, a market strategist at Oanda Asia Pacific Pte in Singapore. While the outlook for U.S. interest-rate increases will be the main driver, investors will pay attention to risks from European bank travails and the U.S. presidential election, he said.

"Gold is probably going to trade sideways for some time," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central, adding that the charts were providing mixed signals. "If stocks aren't doing well then we might see a little support for gold."

Reference: Bloomberg, Reuters