Gold held steady on Wednesday in Asia after dipping overnight, and looked likely to hold above $1,300 an ounce in the near term as geopolitical tensions from crises in Ukraine and the Gaza strip brought safe-haven bids. But sluggish physical demand in Asia in the seasonally quiet summer period could weaken support for any price rally and even fail to provide a floor if prices were to decline.
Spot gold was little changed at $1,306.61 an ounce by 0627 GMT, after losing 0.4 percent in the previous session, pressured by firmer equities. US gold edged up slightly to $1,308.40.