Gold edged lower on Thursday as the metal’s appeal as a hedge declined with the dollar trading at a 5-1/2-year high against basket of major currencies.
Spot gold fell 0.2 percent to $1,207.40 an ounce by 0039 GMT, after rising nearly 1 percent in the previous session. The metal is edging closer to a one-month high of $1,220.99 reached on Monday, after having slumped to $1,142.91 in the same session.
U.S. crude closed higher on Wednesday at more than $67 after data showed a surprise tumble in inventories, but a report suggesting Saudi Arabia expected still lower prices for oil sent Brent below $70 a barrel.
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