WELLINGTON (Dow Jones) --Precious metals were mixed in Asia Wednesday, with gold edging lower but holding on to most of its gains of the previous session as fresh euro-zone worries maintain its safe-haven appeal. Gold, which rose 1.3% overnight, breaking above the psychological $1,500 a troy ounce level, drifted lower in the early Asian session a tight range. Spot gold was at $1,514.80 at 0530 GMT, down $1.50 from its previous close. "Gold is likely to stabilize at these levels for the next one or two days before rising again," said a Singapore-based trader, who tipped immediate resistance at $1,520/oz. Another Singapore-based trader said that investors seem to be selling above $1,500/oz and buying dips below $1,500/oz. Macroeconomic worries continue to underpin demand for gold, seen as a refuge, as investors believe that precious metals including gold hold their value better than other assets during times of economic uncertainty. Moody's Investors Service Tuesday downgraded Portugal to "junk" status, tempering market optimism over progress made on Greece's debt crisis. For good measure, Moody's also said Tuesday that China may have understated local government debt, adding to market jitters. Meanwhile, fractious political discussions in the U.S. on raising the country's borrowing limit so that the government can avoid defaulting on its obligations next month provide yet another source of uncertainty. Bullion dealer Goldcore said it expects gold to touch $1,800/oz between July and December on the back of rising seasonal demand, deepening euro-zone concerns and uncertainty about the U.S. economic outlook. The dealer's forecast is based on historical data that show gold prices rising 22% between July and December 2010 following on a similar trend in 2009. Goldcore noted that gold has held around $1,500/oz in the summer months, when demand is weak in India, the biggest consumer of the precious metal, with price support during these months coming from institutional investors and strong physical demand. Spot silver was trading at $35.65/oz, up 17 cents, while platinum was down $2 at $1,737/oz and palladium up $4 at $776/oz. -By Arpan Mukherjee, Dow Jones Newswires; 64-4-471-5990; arpan.mukherjee@dowjones.com

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