Spot gold was little changed at USD 1,311.16 an ounce, after ending flat in the previous session. US futures remained up by 0.34% for the day. Gold stabilised near USD 1,310 an ounce on Tuesday as escalating tensions over conflicts in Ukraine and the Gaza strip dented global risk appetite and burnished the metal's safe-haven appeal.

Western governments have threatened Russia with stiffer penalties for what they say is its backing of pro-Russian militia who, their evidence suggests, shot the plane down, killing 298 people. Investors sold some positions in bullion after the metal snapped a six-week winning streak last week. SPDR Gold Trust, the world's largest gold-backed exchangetraded fund, said its holdings fell 1.8 tonnes to 803.34 tons on Monday.

The United States, alarmed by escalating civilian bloodshed in an Israeli offensive in the Gaza Strip, took a direct role in efforts to secure a ceasefire on Monday, as the Palestinian death toll jumped to more than 500.

Emkay Commodity Research expects gold prices to move in a range to down for the day over its fading safe haven appeal and poor physical demand.

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