Gold edges lower in the early morning Asian session on a likely technical correction after the precious metal again settled at a fresh record high overnight. However, losses may be limited by prospects of more demand from central banks. Demand has been underpinned by strong inflows into countries' strategic reserves in recent years, ANZ Research analysts say in a note.
"The People's Bank of China is looking to take advantage of this shift by becoming a custodian of foreign gold reserves," the analysts say. "It's looking to encourage friendly countries to buy bullion and store it in the Shanghai Gold Exchange," they add. Spot gold is 0.1% lower at $3,762.78/oz.
Source: Dow Jones Newswires
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