Gold inched up on Wednesday, extending gains into a second session after poor economic data from both sides of the Atlantic helped raise hopes for further monetary stimulus measures, which would increase gold's appeal as an inflation hedge.
Spot gold inched up $1.23 to $1,581.07 an ounce by 0653 GMT, extending gains into a second straight session. The US gold futures contract for August delivery gained 0.3 percent to $1,580.30.