Gold was steady but failed to rebound on Wednesday after falling more than 1 percent in the previous session as Greece’s plan to end a standoff with creditors lifted the appetite for risky assets such as equities.
Spot gold was little changed at $1,260.86 an ounce by 0018 GMT, after falling 1.2 percent on Tuesday. That marked gold’s fourth drop in five sessions.
U.S. gold for April delivery was also nearly flat at $1,261.50 an ounce. Greece’s new government dropped calls for a write-off of its foreign debt and proposed ending a standoff with its official creditors by swapping the debt for growth-linked bonds.