Gold struggles to build on recent rally

Gold retreated on Wednesday as investors took profits following a strong run-up in the previous session in response to a global equities meltdown.

Gold for February delivery GCG5, -0.03% slipped $2.60, or 0.2%, to settle at $1,229.40 an ounce. March silver SIH5, -0.16% rose 5 cents to $17.19 an ounce.
Gold’s Wednesday retreat came even as U.S. stocks were being routed amid worries about an oversupply in global oil. Typically, investors seek the safety of gold during times of steep declines in equities.