LONDON: Gold steadied on Wednesday with dollar strength pulling prices back from near three-week highs.

Spot gold was at $1,197.50 an ounce at 1455 GMT, little changed from Tuesday, while US gold futures for December delivery were down 30 cents an ounce at $1,196.80.

On Tuesday, gold peaked at $1,204.70, its highest since Oct. 30, having slid to a 4-1/2 year low of $1,131.85 this month.

Silver was up 0.6 percent at $16.27 an ounce.

GFMS analysts at Thomson Reuters said on Tuesday that silver demand would fall 7 percent in 2014 because of a slower pace of buying by jewelers and industrial fabricators.

The dollar hit a fresh seven-year high against the yen on Wednesday as investors added favorable bets.