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(World Gold Council) People's Bank of China (PBOC) gold holdings rose +16.5 tonnes or 0.93 percent to 1,778.8 tonnes and Central Bank of Russia gold holdings rose +43 tonnes or 3.09 percent to 1,435.9 tonnes from 4 February to 11 March.

(Reuters) Spot gold steadied on Thursday, but was still facing its biggest weekly loss since early November after slipping about 2% in the previous session as hawkish comments by Federal Reserve officials stoked a recovery in the dollar.

The comments put investors on guard for the possibility of more US interest rate hikes this year than currently expected, triggering a widespread correction across commodities. Oil plunged 4%, while copper cracked below $5,000 a tonne.

Philadelphia Fed president Patrick Harker said the central bank should consider another hike as early as April if the US economy continued to improve, while Chicago Fed president Charles Evans also said he expected two more rate increases this year.

The move pushed investors to cut long positions, Triland said in a note, with further consolidation looking likely.

"Sentiment may have gained traction fairly sharply over previous months, however, the fundamentals are yet to turn a corner.... It’s a tough call to the upside until we break $1,286 and $1,308.

(FXStreet) Gold prices clocked a fresh one-month low of $1214.73 in Asia with investors eyeing key data releases in the US.

Gold earlier fell as low as 1,212.20 an ounce, its weakest since feb. 26 and was on track for a 3.3-percent weekly loss ahead of the easter holiday break which starts on friday.

Traders now await US data release – weekly jobless claims, durable goods orders, and regional manufacturing indices. Markets would also keep an eye on Fed Bullard speech.

The immediate support is seen at $1200 handle, under which the losses could be extended to $1193.49 (38.2% of Dec low-Mar high) - $1191.53 (Oct 15 high). On the other hand, a break above $1127 (23.6% of Dec low-Mar high) could see the metal have a re-look at $1240.50 (Mar 21 low).

Reference : Reuters, FXStreet