Gold slipped on Wednesday as the U.S. dollar strengthened and global shares clawed their way off two-month lows, though bullion was underpinned by the view that the dollar's bear run remains in place despite rate hike expectations.
Platinum briefly moved into a price premium over palladium for the first time since October. The U.S. dollar rose on Wednesday against most major currencies, even as gains on Wall Street dimmed the greenback's safe-haven allure after days of equities volatility.
A stronger dollar makes dollar-priced gold costlier for non-U.S. investors. World stocks clawed their way back from two-month lows on Wednesday, though momentum was weak.
"The rising dollar index is continuing to push liquidation in gold and the other precious metals," said Phillip Streible, senior commodities strategist at RJO Futures. "Gold is not always the safe-haven asset, especially when interest rates are rising quickly."