The price of gold was lingering below the $1,650-mark Wednesday morning amid a generally steady U.S. dollar.
Gold for June delivery, the most actively traded contract, eased $3.50 to $1,647.60 an ounce. Yesterday, gold snapped its two-session losing streak to end marginally higher as investors weighed some encouraging economic data from Germany that eased euro zone debt concerns. Gold prices were also influenced by rising oil prices and the U.S. equity market.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,286.17 tons.
Meanwhile, the U.S. dollar was advancing back near its monthly high versus the euro and continued to move lower against sterling. The buck was ticking higher against the Swiss franc and extending gains versus the yen.
In economic news, the euro zone current account unexpectedly logged a seasonally adjusted deficit of EUR 1.3 billion in February, the European Central Bank said. Economists were expecting the surplus to fall to EUR 2 billion from EUR 3.7 billion surplus seen in January.
Meanwhile, Bank of England's Monetary Policy Committee decided to maintain the size of the asset purchase programme at GBP 325 billion through a split vote as one member called for an increase in stimulus, the minutes of the meeting showed today.
Elsewhere, the prices of silver and platinum were ticking higher in morning deals.
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