Gold held below the previous day’s 12-week high on Wednesday, with volatility in the wider markets lending support as investors sought a haven from risk, but a rout in other commodities put some pressure on the metal.
Commodities and stocks fell sharply on Wednesday after the World Bank cut its growth forecasts for 2015 and 2016, fuelling fears that the benefits of cheaper oil may be offset by anaemic growth and the threat of deflation.
Spot gold was up slightly near $1,23 an ounce, while U.S. gold futures for February delivery were down more than $2 an ounce at around $1,232.
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