Gold fell to a one-month low on Wednesday as the dollar strengthened, while caution prevailed in wider financial markets ahead of a meeting of finance ministers that is set to discuss Greece's future in the euro zone. Spot prices are down nearly 5 percent so far this month as the strong dollar and expectations of an interest rate rise in the United States weighed on investor sentiment.
Spot gold was down 1.1 percent at $1,220.70 an ounce by 2:24 pm EST (1924 GMT), having earlier touched its lowest since January 9 at $1,218.05 an ounce. US gold for April delivery settled down 1 percent at $1,219.60 an ounce. "Most markets are in wait and see mode," INTL FCStone analyst Ed Meir said. "The Greek situation is still very fluid, and there are also talks going on in the Ukraine." Spot silver was down 0.7 percent at $16.77 an ounce. Palladium was down 0.5 percent at $764.72 an ounce, while platinum was down 1 percent to $1,193.55 an ounce.