London: Gold was little changed yesterday, off a near two-week high hit in the previous session and weighed down by a stronger dollar and European equities.
Spot gold was unchanged at $1,138.96 an ounce by 1304 GMT, after hitting its strongest since December 14 at $1,148.98 on Tuesday. US gold futures were up $1.10 to $1,139.80 an ounce.
"In the short term, we are focused towards support at $1,100 and a break of this will be very bearish for the metal. As for the upside, we really need to break the level of $1,170 and $1,200," said Naeem Aslam, chief market analyst at ThinkMarkets.
The metal fell more than 8 percent in November, as US Treasury yields rose after Donald Trump's election led to speculation his commitment to infrastructure spending would spur growth.
It then hit a 10-month low on December 15 as solid US economic data gave confidence to the Federal Reserve to raise US interest rates for the first time in a year. "Currently there are very strong expectations of more rate hikes next year," said Jiang Shu, chief analyst, Shandong Gold Group.
