Gold futures on the COMEX division of the New York Mercantile Exchange traded back and forth Wednesday but ultimately edged down, traders continuing to monitor the situation in Europe and contemplate further Fed action.

The most active gold contract for June delivery lost 0.4 U.S. dollars, or 0.02 percent, to settle at 1,660.3 dollars per ounce.

Market analysts said that Wednesday saw gold trade at a range of only ten dollars, the precious metal seeing both positive and negative territory during the somewhat underwhelming session.

Outside market forces saw the U.S. stock market finally turn bullish after five consecutive days of losses. The renewed positivity in the equities markets could have taken away some of gold's safe haven appeal.

Crude oil prices also posted strong gains of almost two percent in afternoon trading, while the dollar index fell.

Despite the relatively quiet gold trading Wednesday, traders continue to keep in mind events in the Eurozone and future moves of the U.S. Federal Reserve. European concerns were more muted Wednesday, as yields on Spanish and Italian ten-year bonds declined, easing some of the fears that had negatively affected the equities markets earlier this week.

For the U.S., traders wait to hear more from the Fed regarding future monetary policy after disappointing March jobs data, and the possibility of another round of quantitative easing. Such measures would lend support to gold, as the precious metal is traditionally seen as a safe haven.

Silver also declined. Silver for May delivery decreased 15.8 cents, or 0.5 percent, to close at 31.521 dollars per ounce. July platinum shed 9.4 dollars, or 0.6 percent, to settle at 1,584.3 dollars per ounce.