Spot gold was up 0.2 percent to $1,351.51 per ounce at 0441 GMT, a day after it touched a one-week high of $1355.74.
U.S. gold futures rose 0.1 percent to $1,354.50 per ounce.
· "Gold shot up in glittering fashion on haven demand while catching a fillip from the underlying move in commodity prices," said Stephen Innes, head of trading for Asia-Pacific for OANDA in Singapore.
· Resources stocks surged in Asia on Thursday as oil prices climbed to their highest in over three years. Aluminium prices reached their highest since 2011, alumina touched an all-time peak and nickel jumped the most in6-1/2 years.
· "With base metals rallying quite strongly it could lead to higher inflation... Gold could be used as a hedge against inflation risk," said OCBC analyst Barnabas Gan.
"Other important point to note is that the tariff threats being imposed by both Trump and China has not been taken off the table... If trade tensions escalate further gold prices could go up to $1,600 per ounce," Gan added.
· The Chinese commerce ministry said on Thursday China is well prepared to handle any negative effects from its trade dispute with the United States, and that the U.S. would be making a miscalculation if it is determined to contain China's rise.
· Spot gold faces a resistance at $1,356 per ounce, a break above which could lead to a gain to $1,365.23, said Reuters technical analyst Wang Tao.
· Meanwhile, spot silver rose 0.5 percent to $17.23 per ounce. Prices had hit $17.26, their highest since Feb. 1, in the previous session.
· Platinum climbed 1.1 percent to $945.80 per ounce. It had touched a three-week high of $948.70 on Wednesday.
· Palladium was up 0.1 percent at $1,036.08 per ounce.
· Gold has edged higher in the Wednesday session. In the North American session, the spot price for an ounce of gold is $1350.29, up 0.23% on the day. In economic news, there are no major indicators. On Thursday, the US releases unemployment claims and the Philly Fed Manufacturing Index.
XAU/USD edged lower in the Asian session. The pair reversed directions and posted gains in European trade. The pair is showing limited movement in North American session
· 1337 is providing support
1375 is the next resistance line
Current range: 1337 to 1375
Reference: marketpulse,Reuters
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