Spot gold rose 0.2 percent at $1,283.81 per ounce at 0523 GMT. On Wednesday, it rose 0.4 percent and touched its highest since Oct. 20 at $1,287.13 an ounce.
U.S. gold futures for December delivery gained 0.1 percent at $1,284.90.
· "Gold has been probably tracking the currency (U.S. 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 U.S. dollar versus a basket of currencies edged 0.1 percent lower, while its near-term outlook was seen clouded by worries over possible delays to U.S. President Donald Trump's tax reform plans.
· "Although the dollar's travails have brought a smile to long-suffering bullish gold traders, it is important to note there seems to be an absence of risk aversion premium in gold's price and that its fate will be decided by the dollar alone," said Jeffrey Halley, a senior market analyst with OANDA.
· A U.S. Senate tax-cut bill, differing from one in the House of Representatives, was expected to be unveiled on Thursday, complicating a Republican tax overhaul push and increasing skepticism on Wall Street about the effort.
· 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
Reference: Reuters
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