Gold firm near $1,200

Gold headed towards $1,200 an ounce on Wednesday, holding onto overnight gains, as worries about Greece’s future in the euro zone triggered a sell-off in equities and an increase in safe-haven bids for the metal.
Bullion was on track to end the year largely steady after a turbulent 2013, when prices ended the year nearly a third lower, their first decline in 13 years.
Spot gold was steady at $1,199 an ounce by 0740 GMT.
On Tuesday, the metal climbed to $1,209.90, its highest in nearly two weeks, before paring some gains to close up 1.5 percent.
Chen Min, a precious metals analyst at Jinrui Futures in Shenzhen, said she expected average gold prices next year to be lower at around $1,170 due to a strong recovery in the US economy and expectations of higher US interest rates.
“Prices will be relatively stronger until the middle of the first quarter because of seasonal demand and some safe-haven bids,” she said.