Gold slipped on Thursday as oil pared gains and share prices fell, but tension in the Middle East and worries about the U.S. “fiscal cliff” could still spur buying from investors and boost the metal’s safe-haven appeal in times of uncertainty.

The so-called fiscal cliff — a combination of government spending cuts and tax rises due to go into effect in early 2013 unless Congress acts — could reduce the US budget deficit but may also could tip the economy back into recession.