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Gold prices rose to their highest in two weeks on Thursday, as the U.S. dollar fell, but gains were limited on expectations of more rate hikes by the U.S. Federal Reserve next year.
Spot gold was up 0.5 percent at $1,147.56 an ounce by 0631 GMT, after reaching its highest since Dec. 14.at $1,149.84 earlier in the session.
The dollar index, which measures the greenback against a basket of currencies, eased about 0.4 percent at102.910.
"With interest rates rising in the U.S., gold will be a less attractive investment, and this explains some of the weakness the commodity has been facing in the recent months," said Mihir Kapadia, CEO of London-based Sun Global Investments Ltd.
Shanghai Gold Exchange, the world's biggest physical bullion exchange, said on Wednesday it will curb the amount of gold investors can trade at one time, a move analysts said would limit institutional investors' influence on prices.
Reference: Reuters
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