Gold steady after slide as Ukraine fears ease

SINGAPORE (Reuters) - Gold was little changed on Wednesday following sharp overnight losses as safe-haven buying cooled on easing fears of imminent military action by Russia in Ukraine.

Bullion prices were also kept in check by higher equities, which recovered after Russian President Vladimir Putin said he would use force in Ukraine only as a last resort.

FUNDAMENTALS

* Spot gold was nearly flat at $1,335.21 an ounce by 0026 GMT, after dropping 1.2 percent on Tuesday.

* Gold prices had gained nearly 2 percent on Monday to a four-month high on increasing tensions between Russia and the West over Ukraine.

* Barrick Gold Corp , the world's biggest gold miner, is not looking to hedge the price of the precious metal because it expects a sharp increase in coming years, its chief executive said.

* South Africa's Association of Mineworkers and Construction Union said it had revised its wage demands to the world's top platinum producers, in its first major concession as a sector-wide strike rumbles into its sixth week.

* India's trade minister said he had raised the issue of easing some curbs on gold imports with the finance ministry, as they were encouraging smuggling and hurting the gems and jewellery industry, an important export sector.

MARKET NEWS

* Asian stocks rose and the dollar held firm in early trade on Wednesday, while the S&P 500 closed at a record on Tuesday as Ukraine tensions eased.

(Reporting by A. Ananthalakshmi; Editing by Richard Pullin)