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Spot gold was up 0.4 percent at $1,225.34 per ounce at 0700 GMT. Prices climbed about 0.6 percent on Wednesday, their biggest one-day percentage gain since Nov. 16.

U.S. gold futures were up 0.1 percent at $1,225.1 per ounce.

·         “The dovish Fed stance was relatively constructive from pure dollar trade perspective and it could edge off the dollar and continue to do so until the year end, which is quite significant for gold prices,” said Stephen Innes, APAC trading head at OANDA in Singapore.

However, gains in gold were being limited by increased interest in riskier assets, analysts said.

A robust Wall Street buoyed Asian shares on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 percent.

·         Investors expect more clues on the Fed’s monetary tightening path from the minutes of the U.S. central bank’s Nov. 7-8 meeting, due later on Thursday. The Fed has raised rates three times this year.

·         Markets also focused on the G20 summit in Buenos Aires this weekend, where U.S. President Donald Trump and his Chinese counterpart, Xi Jinping are scheduled to discuss trade matters.

·         “We are seeing very good resistance for gold at $1,240-$1,242 levels,” said Vandana Bharti, assistant vice-president of commodity research, SMC Comtrade Ltd, adding that the bullion was well supported near $1,200.

Among other precious metals, spot silver rose 0.3 percent to $14.36 per ounce.

·         Palladium fell 0.8 percent to $1,174.50 per ounce, having hit a record high of $1,186.3 in the previous session.

Platinum rose 1 percent to $829.10 per ounce after falling to a seven-week low of $809.50 on Wednesday.