Gold Prices Edge Down as Dollar Hovers Near 14-Year Highs

Gold prices were lower after reaching a three-week peak during the previous session, as the U.S. dollar wavered near 14-year highs against a basket of major currencies. Spot gold was 0.2 percent lower at $1,156.96 per ounce.

U.S. gold futures slid 0.4 percent to $1,157.70 an ounce. The dollar index was last at 103.34 after rising to 103.82 the previous day, its strongest since December 2002. Holdings of the SPDR Gold Trust fell 1.01 percent to 813.87 tonnes. In December, $2.27 billion was pulled out of the world's biggest exchange-traded fund backed by the precious metal. This was the the third consecutive monthly loss and the largest since May 2013.

Platinum futures climbed by over four percent at $944.20 per troy ounce while palladium was 3.9 percent higher at $709.90 per troy ounce. Silver prices closed up 2.6 percent to $16.409 per troy ounce.

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