Gold inches up as dollar drifts away from multi-year peak

Gold edged higher in Asian trade on Thursday, after ending the prior session nearly flat, as the U.S. dollar retreated from 14-year highs touched earlier this week. 

 

      FUNDAMENTALS

* Spot gold was up 0.1 % at $1,132.04 an ounce by 0049 GMT. Bullion closed nearly flat in the previous session.

* U.S. gold futures were little changed at $1,133.60 per ounce.

* The dollar index , which measures the greenback against a basket of currencies, slipped 0.1 % to 102.960. It reached 103.65 on Tuesday, which was its highest since December 2002.

* U.S. home resales unexpectedly rose in November, reaching their highest level in nearly 10 years, likely as buyers rushed into the market to lock in mortgage rates in anticipation of further increases in borrowing costs.

* Holdings of the SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.43 % to 824.54 tonnes on Wednesday. 

 

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