Bengaluru — Gold prices fell on Thursday after hitting a three-and-a-half-month high the session before, pulled down as investors took profits and as the dollar firmed. Spot gold was down 0.4% at $1,306.72 an ounce at 3.33am GMT. US gold futures dropped 0.8% to $1,307.80 an ounce. Spot gold marked its highest since September 15 at $1,321.33 on Wednesday, but then dropped as the dollar recovered from over three-month lows. It fell further after minutes from the Federal Reserve’s December policy bolstered expectations for more US interest rate hikes. That meant that gold, which had rallied $85 from nearly five-month lows hit in mid-December, posted its first day of losses in nearly three weeks. "People are looking to lock in some gains after a pretty strong rally over the past weeks," said ANZ analyst Daniel Hynes. "Geopolitical issues have certainly been a huge power point of the gold’s rally into the year-end…. It is going to be a dollar-type story going forward with markets taking ...
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