May 28 (Reuters) - Gold prices steadied on Wednesday as investors assessed the U.S. Federal Reserve's May meeting minutes, which flagged rising inflation and recession risks, reinforcing gold's appeal as a safe-haven asset at a time when the global economic environment remains volatile.
Spot gold held steady at $3,299.95 an ounce as of 02:20 p.m. EDT (1820 GMT).
U.S. gold futures settled 0.2% lower at $3,294.90.
"The gold market has been kind of choppy recently, just reacting to fresh daily fundamental news events with no real trending price action," said Jim Wyckoff, Kitco Metals' senior analyst.
Fed officials at their May 6–7 meeting acknowledged possible "difficult tradeoffs" ahead, with rising inflation and unemployment, and warned about growing recession risks, according to meeting minutes.
The meeting took place amid heightened concerns over global trade tensions, following U.S. President Donald Trump's early April announcement of major import tariffs. Some of the most aggressive levies, however, were eased or delayed a week later.
Gold, which performs well in a low-interest rate environment and serves as a safe haven during times of uncertainty, has gained 26% so far this year and hit a record high in April.
Goldman Sachs recommended on Wednesday a higher-than-usual allocation to gold in long-term portfolios, citing elevated risks to U.S. institutional credibility, pressure on the Fed and sustained central bank demand.
Focus is also on Thursday's U.S. GDP data, Friday's Personal Consumption Expenditures (PCE) numbers and comments from U.S. central bank officials.
Elsewhere, gold imports to Switzerland from the United States jumped in April to the highest monthly level since at least 2012, after the exclusion of precious metals from U.S. import tariffs, data showed.
Spot silver fell 0.9% to $32.99 an ounce, platinum was up 0.1% at $1,081.09 and palladium dipped 1.2% to $967.10.
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Jan Harvey, Emelia Sithole-Matarise, Leroy Leo and Alan Barona
