Gold edged higher on Thursday as a in the dollar took some pressure off the precious metal its slump to four-year lows, but prices remained ahead of a European Central Bank policy statement in the day.
A surge in the dollar, in which gold is priced, has knocked metal in recent days through key chart support at $1,180 an—the lowest level hit during last year’s 28 percent—and $1,155 to its lowest since early 2010 at $1,137.40.
Spot gold ticked up 0.2 percent to $1,143 an ounce. It tumbled over 2 percent to a 4-1/2 year low of $1,137.40 on Wednesday, following sharp losses after falling through support at $1,160 and $1,150. U.S. gold futures for December delivery were down by nearly $4 an ounce to $1,142.