• Gold prices rose on Thursday as the dollar drifted down from one-month highs hit in the previous session on upbeat U.S. economic data that boosted the prospects of an interest rate hike by the Federal Reserve next month.
• Spot gold had ticked up 0.2 percent, to $1,235.01 per ounce at 0529 GMT, while U.S. gold futures were up 0.3 percent, to $1,236.2.
• "Gold is approaching a turning point and the upward trend in prices could end in the near future," said Jiang Shu, chief analyst at Shandong Gold Group.
• "Perhaps the market is currently underestimating the prospects of an interest rate hike by the U.S. Federal Reserve in March, given the strong economic data. The impact (on gold prices) would probably show in the medium term."
• Uncertainty surrounding the European Union and the policies of President Trump could always provide some short-term support for bullion, Shu said.
• "The real question is whether Trump's policy will alter the Fed's interest rate policy, and if so, it would have a long-term effect on gold," he added.
• Spot gold may retest resistance at $1,249 per ounce, according to Reuters technical analyst Wang Tao.
Reference: Reuters
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