Gold Prices On Thursday held on to their losses from the previous session when they fell 1 percent on a strong dollar after Federal Reserve Chair Janet Yellen advocated lifting US interest rates gradually.
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- Spot gold was largely flat at USD 1,203 per ounce by 0100 GMT. The bullion hit an eight-week high of USD 1,218.64 on Tuesday but fell 1 percent in the previous session as the dollar strengthened.
- US gold futures were down 0.7 percent at USD 1,203.50 per ounce.
- With the US economy close to full employment and inflation headed toward the Federal Reserve's 2 percent goal, it "makes sense" for the US central bank to gradually lift interest rates, Fed Chair Janet Yellen said on Wednesday.
- The US central bank should be able to raise rates "in a gradual and patient manner," Dallas Fed President Robert Kaplan said on Wednesday.
- US consumer prices increased in December as households paid more for gasoline and rental accommodation, leading to the largest year-on-year increase in 2-1/2 years and signaling that inflation pressures could be building. [nL1N1F71YW]
- With euro zone growth and inflation slowly picking up pace, the European Central Bank is set to argue on Thursday that its extra-easy policy stance is still needed to keep the recovery on course.
- China's economy likely grew by a steady 6.7 percent in the fourth quarter, the same pace as in the previous three- quarters, supported by higher government spending and record bank lending that has stoked concerns about debt risks, according to a Reuters poll of 62 economists.
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