Gold prices edged higher on Thursday, after marking a near three-week high in the previous session, as the dollar eased while palladium hit a fresh peak since February 2001. Spot gold rose 0.2 percent at $1,283.91 per ounce at 0844 GMT. On Wednesday, it rose 0.4 percent and touched its highest since Oct. 20 at $1,287.13 an ounce.
US gold futures for December delivery were up 0.1 percent at $1,284.90. "Gold has been probably tracking the currency (US dollar) because some of the other drivers which had pushed it to its recent highs have subsided, in particular the geo-political risks and safe haven buying," said ANZ analyst Daniel Hynes.
"I think they'll continue to trade around those currency moves." The dollar edged 0.1 percent lower against a basket of currencies, amid uncertainty over the fate of US President Donald Trump's tax reform plans. Spot gold may retest a resistance at $1,286 per ounce, a break above which could lead to a gain into the range of $1,292-$1,298, according to Reuters technical analyst Wang Tao.
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