Gold Market Update

Gold lost some of its earlier momentum to snap a seven-day winning streak Wednesday, unable to defend its first foray above $1,300 an ounce since August.

Gold for February delivery GCG5, -0.07%  relinquished its earlier high to dip 50 cents to settle at $1,293.70 an ounce after settling at its highest price in five months Tuesday.

March silver futures SIH5, -0.26% meanwhile, advanced 24 cents, or 1.3%, to $18.19 an ounce in electronic trading.