Spot gold had dipped 0.5 percent to $1,236 an ounce by 0305 GMT, after gaining 1.7 percent on Tuesday. 

Spot gold XAU= rose 1.8 percent to $1,242.60 an ounce by 2:46 p.m. EDT (1846 GMT), recovering from Monday's one-month low of $1,208.15. U.S. gold futures GCv1 for April delivery settled up 1.3 percent or up $15.70 an ounce at $1,235.80.

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