Gold lost some of its earlier momentum to snap a seven-day winning streak Wednesday, unable to defend its first foray above $1,300 an ounce since August.

Gold for February delivery relinquished its earlier high to dip 50 cents to settle at $1,293.70 an ounce after settling at its highest price in five months.

Despite Wednesday™s retreat, the precious metal is still up about 9% year to date.

March silver futures meanwhile, advanced 24 cents, or 1.3%, to $18.19 an ounce in electronic trading.

Gold™s recent rally was fueled by investors seeking havens amid ongoing troubles in Ukraine, political uncertainty in Greece, turmoil triggered by the Swiss National Bank, and some bargain hunting on the heels of depressed prices at the end of 2014.

Source : MarketWatch