LONDON: Gold steadied in Europe on Wednesday, giving up early gains, after relatively low demand at the European Central Bank’s latest bank refinancing operations eased some concerns over Eurozone bank finances.
Gold is still set to be the best-performing metal of the second quarter, however, as fears over the global growth outlook and the stability of the financial system persist.
Spot gold was bid at $1,240.45 an ounce at 0944 GMT, against $1,238.00 late in the New York on Tuesday, having earlier risen as high as $1,244.55. US gold futures for August delivery eased 90 cents an ounce to $1,241.50.
The metal is well placed to extend gains after ending Tuesday in positive territory, after lacklustre US consumer confidence data fuelled selling of higher-risk assets. Analysts say it may revisit last week’s record high at $1,264.90.
