Gold prices were steady as market participants weighed political turmoil in South Korea and France, which has boosted demand for safe-haven assets.

Bullion was little changed near $2,635 an ounce on Wednesday, after rising 0.2% in the previous session.

South Korean President Yoon Suk Yeol made a surprise declaration of martial law late Tuesday, before revoking the decision hours later. Opposition parties have since filed a motion calling for his impeachment. Also in France, President Emmanuel Macron called on lawmakers to reject a vote that would overthrow the government.

The precious metal has fallen more than 5% from a record high in late October, as the dollar strengthened following Donald Trump's election victory and tensions in the Middle East eased. However, prices remain about 28% higher this year, supported by U.S. monetary easing and central bank buying.

Meanwhile, U.S. job openings data showed demand for workers is stabilizing, which is important for Federal Reserve officials who are trying to avoid further weakness in the labor market as they gradually lower interest rates.

U.S. nonfarm payrolls figures due Friday are the next major data before the bank's Dec. 18 meeting, where a 25-point decline is expected.

Spot gold was at $2,634.18 an ounce at 1:06 p.m. in London, erasing an earlier gain. Copper fell 0.7%, while most other industrial metals traded in narrow ranges. The Bloomberg Dollar Spot Index rose 0.2%. Silver, platinum and palladium all fell. (yds)

Source: Bloomberg