Gold slipped on Thursday after rising to its highest in nearly three months the previous day as a strong dollar ignited selling in the physical sector, while platinum group metals struggled to hold gains after a rally. Volume was light, making precious metals prone to sharp movements.
Spot gold was at $1,146.45 an ounce by 0528 GMT, down 55 cents from New York's notional close on Wednesday, when it rose as high as $1,152.75 an ounce, its strongest since mid-January, despite a tumbling euro. Palladium dropped after hitting a two-year high around $511 on Wednesday on early buying by Japanese auto catalyst makers as well as gains in gold prices.
Sister metal platinum rose as high as $1,716.50 an ounce on Thursday on the back of early buying in Tokyo platinum futures before easing slightly. The metal had risen to a 20-month high of $1,723 on Wednesday. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1,130.737 tonnes by April 7, up 0.914 tonnes from the previous business day.
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