Gold pared gains after rising toward its record high on Wednesday, as a pullback in crude oil prices offset safe-haven buying inspired by mounting unrest across the Arab world and renewed euro zone debt worries.
"Crude oil is really trading as the barometer of fear right now, and the lack of follow through in the upside of crude is taking some of the flight-of-quality aspect out of the gold market right now," said Adam Klopfenstein, senior market strategist of MF Global's Lind-Waldock.
Spot gold gained 0.2 percent to $1,429.60 an ounce by 3:15 pm EST (2015 GMT). US gold futures for April delivery rose $2.40 an ounce to settle at $1,429.60. Silver rose for a fourth consecutive session, rising 0.1 percent to $36.03 an ounce on tightness in near-term supplies and continued inflows into ETFs. Platinum eased 0.2 percent at $1,799.24 an ounce, while palladium lost 1.5 percent to $777.72.
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