Gold slipped on Wednesday as investors fretted over the possibility of an upcoming European Central Bank rate cut and uncertainties over key US jobs data due later this week. "The markets are really in suspended animation ahead of the ECB meeting in particular and the subsequent US employment report," said Bill O'Neill, managing partner at LOGIC Advisors, in Upper Saddle River, NJ.
At 4:00 p.m. ET, the spot price of gold was at $1,243.45 an ounce versus late Tuesday's $1,244.20 in New York. US gold futures for June delivery settled down 20 cents at $1,244.30. In other precious metals, the spot price of platinum rose 0.6 percent to $1,432 an ounce after South Africa's newly appointed mining minister said he hoped to resolve a five-month long mine workers strike, which had been the longest and costliest strike in the industry. Spot palladium rose 0.2 percent to $834 an ounce. Spot silver was flat at $18.76 an ounce.