Gold held steady Wednesday, hovering near a lifetime high around $1,778 an ounce struck in the previous session, but further gains could be capped by a rebound in equities after the US Federal Reserve's vow to keep rates near zero. “Generally speaking, the panic is subsiding for the moment. I would expect that (gold) will consolidate at these levels for a while before we get any sort of clear idea of the sort of next major moves,” said Citigroup analyst David Thurtell. “I think there are enough concerns about sovereign debts and weakening growth, that people will buy dips, so it should remain supported.” There's a gold rush under way again, now that gold has spiked to record levels, owners of gold jewelry, coins and bars are looking to cash in, said local dealers, who've seen business rise along with the value of the precious metal. “Anyone holding gold now is making money,” he said. “In the last week, we've really seen more sellers than buyers.” The price of gold surpassed $1,800 an ounce Wednesday for the first time as investors pulled their money out of stocks and snapped up precious metals contracts. December gold contracts backed off their highs, and traded around $1,785 an ounce during midday trading after reaching a record $1,801 an ounce earlier in the day on the New York Mercantile Exchange. Gold prices have shot past a series of milestones over the past two years on an uninterrupted climb. Gold was trading at about $900 in the summer of 2008, before the financial crisis unfolded that year.
