Analysts said gold is likely to remain in the high volatile zone as investors continued to monitor economic situations in the US by closely watching data from different departments for the rest of the week.
Gold for immediate delivery was seen trading at $1680.06 an ounce at 12.00 noon Singapore time while US gold was at $1680.15 an ounce on the comex division of Nymex.
Analysts said gold is likely to remain in the high volatile zone as investors continued to monitor economic situations in the US by closely watching data from different departments for the rest of the week.
Expectations of further monetary easing buoyed sentiment in gold, which benefits from a higher inflation outlook should more quantitative easing be launched.
Meanwhile, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings edged down 0.16 percent to 1,418.3 tons by Tuesday, after gaining 6 metric tonnes, or half a percent, in the previous session.
Asia's physical market was muted despite the price spike in the previous session, as investors weighed Bernanke's comments from the past few days.
India's jewelers remained on strike, but the government has agreed to examine their demands for removal of an excise duty on unbranded jewellery, but won't reduce import duty on gold and platinum.
On Tuesday, gold futures edged lower, leaving behind two straight days of gains and after being just a few dollars short of $1,700 an ounce.
Gold for April delivery declined 70 cents, less than 0.1%, to settle at $1,684.90 an ounce on the comex division of the New York Mercantile Exchange.
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