Mixed economic news from China has made it difficult for investors to guess as to whether more easing from that country's central bank or more government stimulus policies would be on the docket over the coming weeks and months.

Harvey and Moore both noted that gold ETF demand has remained healthy, despite the recent retreat in gold prices. The suggestion on solid ETF demand is that investors are still willing to buy gold.

Technically, the fact that the gold price has held above the psychological level of $1,700 an ounce could mean sentiment in the yellow metal isn't quite ready to fall further.

Gold mining stocks were mostly lower on Wednesday. Shares of Goldcorp ( GG) fell 3.5%, while shares of NovaGold Resources ( NG) dipped 2.8%.

Among other mining stocks, Kinross Gold ( KGC) closed down 2.2%, and Barrick Gold ( ABX) was off 1.1%

Gold ETF SPDR Gold Trust ( GLD) shed 0.34%.

-- Written by Joe Deaux in New York.

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