London — Gold edged lower on Thursday, weighed down by a firmer dollar, while palladium hit its highest price in 22 months, lifted by upbeat economic data. Spot gold was down 0.1% at $1,247.82/oz at 11.15am GMT, having touched its highest since February 28 at $1,251.26 in the previous session. US gold futures slipped 0.1% to $1,248.20. "The most important reason is that the dollar is stronger and yields in the US are edging a little higher. Later in the year I expect prices to move higher, but for the moment $1,250 is the top end of the range," said ABN Amro commodities strategist Georgette Boele in Amsterdam. The dollar index, which measures the greenback against a basket of currencies, was slightly firmer at 99.735. It had dropped to its lowest in nearly seven weeks at 99.547 on Wednesday. Spot gold could retrace to support at $1,237 after its failure to break a resistance zone of $1,247 to $1,254, said Reuters technical analyst Wang Tao. OCBC analyst Barnabas Gan pointed to the e...
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