SINGAPORE-Gold succumbed to some profit-taking pressure in Asia, but remains on course for more gains if the European Bank hikes interest rates and the US dollar comes under renewed pressure.A reversal in the euro against the dollar was the main headwind for gold Thursday, with the pair trading below $1.43 after hitting a peak of $1.4350 late Wednesday."There's some profit-taking and physical selling, but it's typical Asian action and these sellers will be looking to buy back in at lower levels," said a Singapore-based trader at an international bank.
At 0555 GMT, spot gold was at $1,454.40 a troy ounce, down $4.70 since Wednesday's New York close, after hitting a record high of $1,461 overnight.Tocom February 2012 gold was flat at Y3,993/gram.The next cue for gold is the ECB meeting decision at 1145 GMT with any hawkish talk from ECB president Trichet at his 1230 GMT press conference likely to see the euro rebound, which could help gold claw back some ground.Spot silver was at $39.35/oz, down 16 cents while platinum group metals were also slipping.Spot platinum was at $1,779/oz, down $12 while spot palladium was at $777/oz, down $7.(Wall Street Journal)