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Gold edged higher on Thursday, supported by an improved technical outlook that helped the metal hold out against a stronger dollar.
"Overall, we have been technically breaking above the previous highs, so it will be difficult for gold prices to move below that," said ABN AMRO analyst Georgette Boele.
Monday's global stock market sell-off has added appeal to gold, helping the metal to a two-and-a-half-month peak of $1,233.26.
Gold has also been testing resistance near the 100-day moving average, around $1,226, with some analysts saying a break above that level could trigger further gains and put pressure on short-sellers.
"The ones getting squeezed now are the shorts," Beole said.
The dollar index held near a one-week high after the U.S. Federal Reserve minutes from the last meeting reiterated a hawkish stance on monetary policy, normally a bearish signal for gold.
"Gold is taking bit of a pause partly because of the hawkish Fed minutes," ETF Securities analyst Nitesh Shah said, but he said many investors had been "re-engaging with the metal."
"We have seen strong inflows in exchange traded funds (ETF) in the last weeks that sort of indicate investor sentiment is turning now for the metal, moving to the positive side."
Holdings of the SPDR Gold Trust, the largest gold-backed ETF, have gained more than 2 percent since Oct. 3.
"Geopolitical and macroeconomic factors are still not indicating exuberance and risk appetite returning to markets with full throttle," said Religare Securities analyst Sugandha Sachdeva.
Trade war concerns, a hawkish Fed and tensions between the United States and Saudi Arabia are seen weighing on appetite for riskier assets. This bodes well for gold as a hedge against market volatility and a portfolio diversifier, Sachdeva added.
In other metals, silver fell 0.34 percent to $14.56 an ounce, having earlier touched its lowest since Oct. 11 at $14.41.