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What Metal Are You Buying?

Gold edged higher on Wednesday, recovering early losses, as stocks came under pressure from renewed concerns over the euro zone economy, and on caution ahead of a European Central Bank meeting later this week.

Platinum and palladium held near 17-month highs, benefiting from rising appetite for industrial metals as confidence in the growth outlook improved, and on concerns over the supply outlook from major producers South Africa and Russia.

Spot gold was last up 0.2 percent at $1,675 an ounce, while U.S. gold futures were up 0.1 percent an ounce at $1,675.

(Read More: Moment of Truth for Gold)

The positive economic data that has undermined gold fueled interest in the platinum group metals, which are chiefly used in auto catalysts and highly exposed to car demand. Platinum and palladium prices both hit multi-month highs on Wednesday.

Spot platinum hit a near 17-month peak at $1,740 an ounce and was last up 1.2 percent at $1,727 an ounce, while spot palladium was down 0.1 percent at $763 an ounce, having earlier reached its strongest in 17 months at $769.50.

(Read More: Gold or Platinum - Which Will Get to $2,000 First?)

As well as expectations for a pick-up in demand, both have benefited from anticipation that supply from South Africa and, in palladium's case, Russia will be curtailed this year.

Silver was down 0.1 percent at nearly $32 an ounce.

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