• Gold hit a more than one-week high on Thursday as the dollar weakened after the U.S. Federal Reserve kept interest rates unchanged at its first meeting since President Donald Trump took office.
Spot gold was up 0.6 percent at $1,216 per ounce as of 0601 GMT after rising to a high of $1,217.17, its highest since Jan. 24, while U.S. gold futures were 0.8 percent higher at $1,218.10.
The dollar index edged lower 0.2 percent to 99.468.
• "The sharp rebound after a pull down below $1,200 and the Asian pricing model, despite the Chinese New Year, seem favourable and we see a lot of bullish signals," said Spencer Campbell, general manager with Kaloti Precious Metals, Singapore.
"We are sort of eyeing the $1,225 levels in the next move if the metal breaks the recent highs of around $1,215."
• Spot gold may retest a resistance at $1,219 per ounce as it has found a support at $1,197, according to Reuters technical analyst Wang Tao.
• Meanwhile, investors also turned their attention to a quarterly report from the Bank of England on Thursday. The BoE was expected to avoid adding to speculation about a first interest rate hike in nearly a decade, even as it acknowledges the resilience of Britain's economy since last year's Brexit vote shock.
• In other precious metals, spot silver rose 0.5 percent to $17.60 per ounce.
• Gold Fields Mineral Services (GFMS) published its latest forecast report on gold, providing detailed insights on the metal's outlook this year.
Key Highlights:
-2016 physical gold demand fell 20% to 3,349t, hitting a seven-year low
-GFMS 2017 gold price f/cast $1259 per oz
Reference: Reuters, FXStreet
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