By: Reuters
Gold prices hovered around $1,700 an ounce on Wednesday, after rising more than 3 percent in the previous session as safe-haven bids returned on doubts European leaders can agree on a plan to end the euro zone debt crisis at a summit later in the day.
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Jose Luis Pelaez | Iconica | Getty Images
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14.50 (+0.85%) 
]edged up 0.2 percent to $1,703.59 an ounce by 0024 GMT, after posting its biggest daily rise since Sept 2 on Tuesday.
U.S. gold [GCCV1 1716.00 15.60 (+0.92%) ]gained 0.3 percent to $1,705.40.
15.60 (+0.92%) ]gained 0.3 percent to $1,705.40.
Safe-haven bids returned on Tuesday after being absent for weeks, as a flare-up over the European Central Bank and political turmoil in Italy kept the euro zone on edge on the eve of the summit.
Adding to the uncertainty on economic outlook, U.S. consumer confidence dropped unexpectedly to its lowest level in two-and-a-half years in October.
Holdings of SPDR Gold Trust [GLD 165.59 4.57 (+2.84%) ], the world's largest gold-backed exchange-traded fund, rose nearly 0.9 percent from a day earlier to a one-month high of 1,233.564 tonnes by Oct 24.
4.57 (+2.84%) ], the world's largest gold-backed exchange-traded fund, rose nearly 0.9 percent from a day earlier to a one-month high of 1,233.564 tonnes by Oct 24.
Spot silver [XAG= 33.26 0.04 (+0.12%) ] lost half a percent to $33.07, easing from a 4.6-percent rise in the previous session, its largest one-day rise in nearly three weeks.
0.04 (+0.12%) ] lost half a percent to $33.07, easing from a 4.6-percent rise in the previous session, its largest one-day rise in nearly three weeks.
Spot palladium [XPD= 647.25 10.32 (+1.62%) ] gained 0.6 percent to $640.95, on course for its fourth consecutive session of gains. Spot platinum[XPT= 1567.49 10.89 (+0.7%) ] hit a 1-1/2-week high of $1,571, before easing to $1,569.74, up 0.8 percent from the previous close.
10.32 (+1.62%) ] gained 0.6 percent to $640.95, on course for its fourth consecutive session of gains. Spot platinum[XPT= 1567.49 10.89 (+0.7%) ] hit a 1-1/2-week high of $1,571, before easing to $1,569.74, up 0.8 percent from the previous close.
The euro and commodity currencies stayed under a bit of pressure early in Asia on Wednesday, having lost some of their gloss as markets geared up for what could be a disappointing outcome at a keenly awaited European Union leaders' summit.
U.S. stocks fell on Tuesday on doubts European leaders can agree on a plan to end the euro zone debt crisis, while major corporations disappointed investors with their outlooks.
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