2022.05.0410:19:00UTC+00Gold Holds Steady Amid Rising Risk Aversion

Gold prices were steady on Wednesday while equities declined on risk aversion after the European Union proposed a phased oil embargo on Russia in its sixth sanctions package over Moscow's attack on Ukraine.

Also, investors keenly awaited the U.S. Federal Reserve's policy decision later in the day and the Bank of England's rate decision on Thursday for clues about the path ahead.

Spot gold edged up 0.1 percent to $1,870.60 per ounce, while U.S. gold futures were virtually unchanged at $1,870.40.

European Commission President Ursula von der Leyen proposed a ban on oil imports from Russia in its latest package of sanctions for attacks on Ukraine.

In a speech to the European Parliament, Von der Leyen called on member nations to phase out imports of crude oil within six months to reduce dependence on Russia.

If approved, this would be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined, Von der Leyen added.