Gold steadies and silver eases from record high

Gold prices steadied on Wednesday as traders awaited US economic indicators to gauge the Federal Reserve's policy direction while silver pulled back from a record high, reports Reuters.

Spot gold fell 0.1 per cent to $4,203.58 an ounce by 1128 GMT after losing more than 1 per cent in the previous session. US gold futures for February delivery were up 0.3 per cent at $4,234.60.

"Attention is on key US data that could cement expectations for a metal-supportive December rate cut," said Ole Hansen, head of commodity strategy at Saxo Bank.

Investors are awaiting US November ADP employment figures at 1315 GMT and the delayed September Personal Consumption Expenditures (PCE) data on Friday.

Weaker US economic data and dovish signals from Fed officials have reinforced expectations of a rate cut at the central bank's December 9-10 meeting, with brokerages projecting policy easing.

Meanwhile, silver fell 0.5 per cent to $58.15 an ounce after touching a record high of $58.94. Silver is supported by a tight supply outlook, continued momentum buying and short-covering after last Friday's break above $54.50, said Hansen, adding that overbought conditions posed a near-term risk for silver bulls.

Silver, both a precious and industrial metal, is up by 101 per cent this year and has also been supported by its inclusion in a US list of critical minerals. Gold has gained 60 per cent this year.