The yellowish metal is poised for its second session of gains in three days as the standoff between Israel and Palestinian militants escalates while diplomats like U.S. Secretary of State Hillary Clinton chase down conditions to establish a cease fire.
In October, Brazil purchased 17.2 tons, Kazakhstan acquired 7.5 tons and Russia augmented its reserves of gold by 0.4 tons, according to the website of global regulator the International Monetary Fund.
"Physical demand is showing some strength," trader Frank Lesh with FuturePath Trading in Chicago told the news source on Wednesday. "Middle East tension is also pushing some people towards gold."
At 11:17 a.m. on Wednesday, gold futures gained 0.06 percent, a 95-cent lift to $1,728.25 per troy ounce.
Reuters reports snags in negotiations to secure international bailout aid for debt-hobbled Greece tempered the yellowish metal's gains on Wednesday. Twelve hours of negotiations beginning Tuesday afternoon at a summit in Brussels were inconclusive and will lead to additional negotiations on Monday.
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