CHICAGO, Jan. 16 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange suffered a small loss Wednesday, pulling back after a two session climb.
The most active gold contract for February delivery fell 0.7 dollars, or 0.04 percent, to settle at 1,683.2 dollars per ounce.
Gold settled at 1,683.9 U.S. dollars per ounce Tuesday, its highest level since Jan. 2, according to FactSet data. Gold prices have gained 1.4 percent over the past two sessions.
For the gold's down on Wednesday, market analysts say, uncertainty over U.S. fiscal and monetary policy seems to be keeping the short-term bulls and bears in roughly in equal balance at the moment, but some believe that the fundamental elements, which have driven gold so far, remain in place.
According to metals consultancy GFMS Gold Survey forecast, investment demand will drive average gold prices to a record in the first half of 2013 on loose monetary policies and swelling sovereign debt. It also said gold investment rose to record levels in U.S. dollar terms last year.
GFMS said Wednesday, central banks are likely to remain an important force in the gold market this year, with continued strong demand likely to offer solid support to prices.
Against that backdrop, silver for March delivery advanced 1.3 cents, or 0.04 percent, to close at 31.542 dollars per ounce.