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• Gold prices were mostly steady on Thursday amid a firm dollar, trading within sight of a two-month low hit earlier this week.

• Spot gold was nearly unchanged at $1,263.21 an ounce by 0406 GMT. It marked its lowest since Oct. 6 at $1,260.71 on Tuesday.

• U.S. gold futures were flat at $1,265.70.

• The dollar inched up against its peers on Thursday, as optimism towards U.S. lawmakers making progress on tax legislation continued to grow.

• U.S. Senate Republicans agreed to talks with the House of Representatives on the tax legislation on Wednesday, amid early signs that lawmakers could bridge their differences and agree on a final bill ahead of a self-imposed Dec. 22 deadline.

• Hopes that tax reforms would boost economic growth have dented demand for safe-haven assets such as gold.

• INTL FCStone analyst Edward Meir said gold could move slightly lower heading into next week’s Federal Reserve meeting as investors would be jittery about the Fed’s policy wording going forward.

• Markets are widely anticipating an interest rate hike by the U.S. central bank next week and are waiting on the outlook for further rate hikes in 2018.

• “Gold will continue to be under pressure in view of rate hikes, dollar gains and strong U.S. data,” said Argonaut Securities analyst Helen Lau.

• Spot gold is poised to break support at $1,262 per ounce, and fall to the next support level at $1,250, according to Reuters technicals analyst Wang Tao.

• In other precious metals, silver fell 0.1 percent to $15.95 an ounce, after hitting its lowest since mid-July in the previous session at $15.88 an ounce.

• Platinum was up 0.1 percent at $902.50 an ounce, while palladium gained 0.2 percent to $995.25 an ounce.

• GOLD TECHNICAL ANALYSIS – Gold prices are pressuring support in the 1257.69-60.80 area (50% Fibonacci expansion, October 6 low), with a break confirmed on a daily closing basis exposing the 61.8% level at 1246.28. Alternatively, a move back above the 38.2% Fib at 1269.10 opens the door for a retest of channel floor support-turned-resistance at 1282.74.

Reference: Reuters,Daily FX