Gold was stuck firmly below $1,300 an ounce on Wednesday after a three-day losing streak, as strong US housing data bolstered stock markets and dimmed bullion's appeal as a safe haven. Spot gold was little changed at $1,295.44 an ounce by 0643 GMT, after dropping 1.3 percent in the last three sessions. US gold was steady at $1,297.
"Robust housing reports out of the United States were important, as the stronger numbers should dispel concern that the sector is starting to slow, as was the conventional view for the past few weeks," said INTL FCStone analyst Edward Meir.