ENM: Gold steadies, awaiting direction from currencies
LONDON: Gold prices were little changed in Europe on Wednesday as investors awaited fresh direction from the currency markets, with traders taking to the sidelines as they await details of a rescue package for Greece.
Concern over Greece's public finances hit the euro late last week, prompting a slide in gold to three-month lows on Friday. Prices have since recovered some lost ground, with bargain hunting emerging at the lows. However, the metal's recovery is fragile, analysts said.
"Near-term price action has been encouraging for bulls," said ScotiaMocatta in a note.
"However, traders would need to see a break above last Thursday's open of $1,110.00 to confirm a short-term change in sentiment."
