Gold surrendered its initial slim gains on Wednesday as the dollar clawed back some lost ground against the euro, with the metal still stuck in its narrowest monthly range since 2005. Strong gains in stock markets, which have hit a series of record highs in recent months, have reduced investor appetite from gold which is often bought as an alternative to equities and other cyclical assets.
Spot gold was at $1,293.81 an ounce at 1243 GMT, little changed from $1,293.61 late on Tuesday. U.S. gold futures for December delivery were down $1.20 at $1,293.70.
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Gold surrendered its initial slim gains on Wednesday as the dollar clawed back some lost ground against the euro, with the metal still stuck in its narrowest monthly range since 2005. Strong gains in stock markets, which have hit a series of record highs in recent months, have reduced investor appetite from gold which is often bought as an alternative to equities and other cyclical assets.
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