US gold futures were down 0.1 percent at $1,319.10 an ounce. "Rising oil prices and strong global growth suggest gold will remain supported as investors look for inflation protection," said Stephen Innes, APAC head of trading at Oanda.
"Also, a highly-anticipated stock market correction is providing support on dips which continues to support the bullish gold narrative." "Gold could test $1,327 in the short term and above which $1,362 will be opened ... Global equities are running at a high level of exuberance, confidence and valuation ... which in short stands for a bubble," said Amit Kumar Gupta, portfolio management services head at Adroit Financial Services.
Spot gold looks neutral in a range of $1,311-$1,329 per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao.