Gold was steady above $1,200 on Wednesday morning in London, with more consolidation seen likely in the near term.

- The spot gold price was last at $1,202.80/1,203 per ounce, little changed from Tuesday’s close. Still, as has been the case in recent sessions, trading has been in wider channels than earlier this year – the metal has ranged from $1,195.80 to $1,212.20 so far.               

- Gold rallied last week due to the global risk-off attitude amid tumbling equity markets but it has since eased on profit-taking and as risk appetite improves.

- “It feels as though the market is gradually beginning to calm down (slowly) when compared to earlier in the week, with turnover decreasing and traders likely getting a little fatigued,” MKS said in a note.

- Market participants are awaiting the minutes of the Federal Open Market Committee’s (FOMC) January 26-27 meeting, due later today, for clues about the central bank’s outlook on interest rates.

- In the other metals, silver was little changed at $15.185/15.205 per ounce. Platinum at $931/936 was up $2 and palladium edged $1 higher to $507/512.

(Editing by Mark Shaw)