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- Gold edged lower on Thursday as investors returned to risky assets after upbeat US jobs data, lifting equities in Asia to a seven-week high, although strong inflows into gold funds limited losses in the metal.

Gold, which has gained nearly 17 percent this year to be among the top performing commodities, was trading not far below a one-year peak.

Michael McCarthy, chief market strategist at CMC Markets, said he was a bit surprised that gold had risen overnight given the shift back to risky assets.

He noted gold could come under pressure as global risk appetite increases.

- The near term trend of gold remains unclear as it is related to changing trends in the global equity markets, according to Allocated Bullion Solutions(ABS).

“We remain cautious of making any near-term projections for the price of gold as further gains in the stock markets could induce further downward pressure, while views around the Federal Reserve’s rate hike cycle and USD strength continue to deteriorate,” ABS said in its latest forecast.

- BMI Research, part of Fitch Ratings, said it raised its 2016 gold price forecast to $1,150 from $1,000 in early February.

"A recalibration of expectations for the global monetary policy trajectory by investors and additional equity market weakness will combine to create a more positive environment for gold prices than we previously anticipated," BMI said in a report.

Reference: Commodity Online, Reuters