Gold held near $ 1,000 an ounce on Wednesday, bolstered by a weak dollar and concerns about the sustainability of the rally in stocks this year and some key raw materials prices seen ahead of fundamentals.
An announcement of the world's largest gold miner, Barrick Gold, which plans to eliminate its future gold sales also led to new support prices, analysts said.
Spot gold was operating at $ 997.25 an ounce at 1205 GMT compared with $ 995.20 in New York on Tuesday. Gold futures in the U.S. for December delivery on the COMEX division of the New York Mercantile Exchange fell $ 1 to $ 998.80 an ounce.
Gold on Tuesday crossed the $ 1,000 mark for the first time since February and rose to a maximum of 18 months, underpinned by technical buying and a sharp dollar decline.
"Clearly part of this is concern about further weakness in the dollar," said Daniel Smith, an analyst at Standard Chartered. "People are accumulating gold in all sorts of different ways, both consumers and investors," he added.
Among other precious metals, silver was operating at $ 16.45 an ounce against $ 16.41.
Platinum was trading at $ 1286 an ounce versus $ 1283 while palladium was at $ 291 versus $ 294.
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