By: Reuters
Gold prices held steady below $1,720 on Wednesday, as rekindled worries about Greece's debt crisis and a firm dollar put bullion under pressure, while safe-haven appetite is likely to support sentiment.
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Tom Grill | Iconica | Getty Images
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5.44 (+0.32%) 
]edged down 0.1 percent to $1,716.79 an ounce by 0020 GMT.
U.S. gold [GCCV1 1724.40 12.60 (+0.74%) ]gained 0.4 percent to $1,718.90.
12.60 (+0.74%) ]gained 0.4 percent to $1,718.90.
Markets tumbled on Tuesday after Greece's Prime Minister George Papandreou shocked the world by announcing plans to hold a referendum on the bailout plan, throwing hopes on solving Greece's debt crisis into jeopardy.
French President Nicolas Sarkozy and German Chancellor Angela Merkel will hold an emergency meeting with Greece on Wednesday to push for a quick implementation of Athens' bailout deal, the "only solution" to its debt crisis, Sarkozy said on Tuesday.
Eyes are on a news conference by the U.S. Federal Reserve chief Ben Bernanke later in the day after a two-day policy meeting. The Fed looks set to take a breather from monetary stimulus measures on Wednesday, even if financial market turbulence heightens the chances of action later.
Manufacturing surveys on Tuesday from North America to debt-crisis-hit Europe to Asia painted a portrait of softening global demand, but analysts do not see a world recession in the cards.
MF Global Holdings Ltd [MF.N 1.20 --- UNCH ] failed to protect customer accounts by keeping them separate from its own funds, said a top U.S. exchange regulator, another shock for commodity markets scrambling to contain fallout from the brokerage's bankruptcy.
] failed to protect customer accounts by keeping them separate from its own funds, said a top U.S. exchange regulator, another shock for commodity markets scrambling to contain fallout from the brokerage's bankruptcy.
U.S. silver [SICV1 33.435 0.704 (+2.15%) ] rose as much as 2.3 percent to $33.50 before easing to $33.18.
0.704 (+2.15%) ] rose as much as 2.3 percent to $33.50 before easing to $33.18.
U.S. stocks tumbled on Tuesday after investors were blindsided by a surprise call for a Greek referendum on an EU bailout plan, casting doubt on the sustainability of the recent market rally.
The euro wallowed at three-week lows against the dollar early in Asia on Wednesday, having suffered its biggest two-day fall since May on uncertainty about the euro zone debt deal after Greece's shock call for a referendum.
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