Gold inched lower on Tuesday, trading in a tight range ahead of a U.S. holiday, but the metal held above the 1,220 level as the dollar was pressured by weak U.S. economic data and a clouded interest rate outlook.
Spot gold inched 0.2 percent lower to $1,221.26 per ounce at 0422 GMT.
U.S. gold futures were down 0.3 percent at $1,222.1 per ounce.
"The market is very quiet today and appears to be in a holiday mood ahead of the U.S.
Thanksgiving," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
"The dollar has come under some pressure giving some support to gold."
The dollar index, which measures the greenback against a basket of six major currencies, was trading near an over one-week low that it hit in the previous session.
The currency came under pressure as U.S. Federal Reserve officials cautioned on the global growth outlook and weak data at home, pointing to a potentially slower pace of rate hikes.
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