Gold inched down to a one-week low on Thursday, pressured by upbeat US growth data and Federal Reserve chair Janet Yellen's bullish view of the economy, but the yellow metal was on track for its first monthly gain since August. A lack of clear drivers has kept gold between $1,265 and $1,300 an ounce throughout November, its narrowest monthly range in 12 years.
Despite the volatility overnight, it was another subdued session across the precious complex today in Asia, with gold struggling above $1,285 an ounce consistently, MKS analyst Alex Thorndike said in a note. Spot gold was down 0.1 percent at $1,281.92 an ounce at 0813 GMT, having touched its lowest since Nov. 22 at $1,281.31 earlier in the session. However, the metal has risen 0.9 percent for the month so far.
US gold futures were down 0.1 percent at $1,281.20. "We see gold prices remaining subdued over the next two months but after that it will start to rise," said Richard Xu, a fund manager at China's biggest gold exchange-traded fund, HuaAn Gold. Spot gold may break a support at $1,281 per ounce and fall more towards the next support at $1,277, according to Reuters technical analyst Wang Tao.
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