SINGAPORE (Commodity Online) : Gold prices suffered setbacks in Asian trade mainly on strengthening dollar against the euro.
Spot gold was seen trading at $1134.11 an ounce at 12.00 noon trade Singapore time while February delivery was at $1135.30 an ounce at the same time.
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On Wednesday, February delivery rose $13.20 , or 1.2 percent, to finish at $1,136.20 an ounce.
Spot gold climbed as much as 0.4 percent to $1,141.88 an ounce, 6.9 percent off its record of $1,226.56 reached Dec. 3.
The dollar rose versus 15 of its 16 major counterparts before reports forecast to show U.S. initial jobless claims slowed and a gauge of the outlook for the world’s largest economy improved for an eighth month.
However, the bullion is still up 29 percent this year, heading for its ninth straight annual gain, as low U.S. interest rates and increased government spending depressed the dollar.
The dollar advanced as much as 0.8 percent against a basket of six major currencies, and reached a three-month high against the euro today.
Among other precious metals, silver fell 0.7 percent to $17.59 an ounce, platinum slid 0.2 percent to $1,449.50 an ounce, while palladium dropped 1.3 percent to $370.25 an ounce.
Meanwhile, the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings rose 3.963 tonnes to 1,120.514 tonnes on Wednesday.
