Gold edged lower on Thursday as the market paused after last session's 0.6-percent gain, which was triggered by falling global equity markets and weakness in the US dollar. "It is a bit of profit-taking at the moment," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. "The focus is on equity markets and currencies, Dow was down and we are seeing further pressure on Asian stock markets."
Spot gold had fallen 0.2 percent to $1,091.46 an ounce by 0639 GMT, while US gold futures gained 0.4 percent to $1,091.6. US stocks sank on Wednesday, pushing the S&P 500 to a close below 1,900 for the first time since September as investors grew anxious about weak energy prices, US corporate earnings and the global economy. Sentiment soured for the greenback, which retreated from a one-week high against a basket of major currencies as US stocks fell.
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