Gold steadied near seven-week highs on Wednesday as equity markets surrendered earlier gains to turn lower and the dollar extended losses versus a basket of currencies.
Spot gold was little changed at $1,231.47 an ounce, recovering from a daily low of $1,224.73. Overnight it hit a peak of $1,238.20, its highest since Oct. 23, having risen more than 2 percent on Tuesday as the dollar and stocks fell.
The metal quickly recovered early losses on Wednesday as a tentative recovery in equity markets lost traction. Gold has suffered this year from a move by investors back into stock markets, away from assets seen as safer, such as bullion.
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