Gold rose on Wednesday, but analysts expect the breakout in Wall Street stocks to new highs and data showing an improving US economy to pressure the precious metal's safe-haven appeal. "You are going to get less people interested in defensive plays like the precious metals. People are more into buying equities in a risk-on type environment," said Phillip Streible, senior commodities broker at futures brokerage RJ O'Brien.
Spot gold was up 0.4 percent at $1,580.70 an ounce by 2:42 pm EST (1942 GMT), moving in a narrow range of less than $20. Bullion prices are down nearly 6 percent so far this year and down about 18 percent from a record high of $1,920.30 an ounce hit in September 2011. US COMEX gold futures for April delivery settled unchanged from Tuesday's close at $1,574.90, with trading volume about 20 percent below its 30-day average, preliminary Reuters data showed. Silver rose 0.8 percent to $28.90 an ounce. Among other precious metals, platinum eased 0.4 percent to $1,579.99 an ounce, while palladium gained 1.3 percent to $742.72 an ounce.
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