Gold prices inched down on Thursday to extend losses from the previous session as the U.S. Gold steadied against the yen, but underlying demand for bullion was seen as robust ahead of major festivals in India.

    FUNDAMENTALS

* Spot gold  was down nearly 0.1 % at $1,265.51 an ounce at 0053 GMT. It fell 0.6 % on Wednesday.

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 * U.S. gold futures  were nearly unchanged at $1,266.50 an ounce.

* Demand for bullion is expected to pick up ahead of festivals in India such as Dhanteras and Diwali, when gold is traditionally given as a gift.

* The dollar edged up against the yen early on Thursday while the euro and sterling held their gains versus the greenback, with a rise in bond yields supporting the currencies.

* SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 1.49 percent to 942.59 tonnes on Wednesday.