SINGAPORE (Commodity Online) : Gold prices fell in Asian trade Thursday as the dollar strengthened against other major currencies.

Gold for immediate delivery was seen trading at $1122.47 an ounce at 11.30 a.m Singapore time while April delivery was at $112.01 an ounce at the same time.



The greenback advanced Thursday, recovering some of its losses against higher-yielding currencies made the previous day, as investors trimmed short dollar positions ahead of U.S. consumer inflation readings for February.

The euro dipped 0.1 percent from late New York trade to $1.3720 having come off a five-week high of $1.3819 on trading platform EBS the previous day.

Analysts said other precious metals also tracked gold lower, with platinum hovering below a two-month high hit on Wednesday aftersupply concerns driven by a possible power shortage in main producer South Africa subsided and speculators in Japan booked profits.

On Wednesday, spot gold climbed as high as $1132.80 an ounce before closing at $1124.05 an ounce while April closed at $1,124.20 per fine ounce on the Comex division of the NY Mercantile Exchange.

May silver rose 16.9 US cents to settle at $17.523 per fine ounce, while May copper rose 5.3 cents to close at $3.418 per pound.

Meanwhile, world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings stood at 1,115.511 tones as of March 17, unchanged from the previous business day.

Gold was still trading above the 50 and 100-day moving averages but it has lost about 2 percent in value since rallying to almost seven week high near $1,150 in early March.

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