Gold prices on Thursday extended declines from the day before to hit their lowest in nearly a week, pressured as the US dollar recovered from a 3-year low touched on Wednesday.
Spot gold had fallen 0.1 per cent to $1,326.51 an ounce by 0112 GMT. It earlier marked its weakest since January 12 at $1,324.60.
Spot gold fell 0.8 per cent on Wednesday, its worst one-day percentage decline since December 7.
US gold futures on Thursday lost 1 per cent to $1,324.70 an ounce.
The dollar index was up 0.4 per cent at 90.885 , after dropping to its lowest since December, 2014 at 90.113 on Wednesday.
Asian stocks were near record highs on Thursday, with a rally by Wall Street supporting bullish investor sentiment.
Longer-term, gold will be supported by risk that global share prices could fall from record highs and strong growth around the world could stoke inflation.
Some European Central Bank officials on Wednesday voiced worries about the euro’s strength.
In an interview with Italian newspaper la Repubblica Vitor Constancio, the ECB vice president, said he did not rule out that monetary policy would still continue to be “very accommodating for a long time”.
Cleveland Federal Reserve President Loretta Mester said on Wednesday that her assumption the US federal tax overhaul would add 0.25 to 0.5 per centage points in growth over the next two years might be too low.
The US economy should grow at a good clip this year, boosted by tax cuts, two Fed officials said on Wednesday, though they disagreed on how close the economy is to overheating and the need for rate hikes this year.
Industrial gold production in Mali rose to 49.6 tonnes in 2017, up 5 per cent from the previous year, said a senior Mines Ministry official in the West African nation.
Financial crime fighters at the US Treasury are “aggressively” pursuing virtual currency platforms that lack strong internal safeguards against money laundering, a top official told a Senate panel on Wednesday.
Digital currencies suffered another day of heavy losses on Wednesday on worries about a widening regulatory crackdown.
Bitcoin on Wednesday fell more than 10 per cent to below $10,000 for the first time since December 1 on the Luxembourg-based Bitstamp exchange. The biggest digital currency has lost half its value since it peaked near $20,000 about a month ago.
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