Gold prices inched up to $1,100 per ounce on Thursday as a recent drop to seven-week lows spurred some bargain hunting in a holiday-thinned market. Traders said the market was in a downtrend in the near-term, but that buying from Asian investors in the dip could lift prices above $1,100 before London opens for a half-day later. Prices could then be capped as London players often use a rise in Asian trading hours to take profits, market players said.