Gold barely changed on Thursday, maintaining its position below support levels as the appeal of yellow metal continues to decline due to the possibility of having a prolonged period of interest rate hike.

Spot gold muted at $1,992.27 per ounce, while gold futures inched down to $2,003.70 per ounce.

Both lingered at the lowest level in two months, and were on the verge of testing support levels between $1,970 and $1,980 per ounce.

A little drop in the greenback value buoyed gold prices, which stabilized in overnight trading post previously soaring to three-month peak this week. The US dollar is currently predicted to experience more short-term gains, as traders started to eliminate the possibility of early interest rate cut.

Number of Fed policymakers announced that central bank will likely maintain interest rates higher if the inflation lingered in a stubborn status, that will be unfavourable outlook for gold, as peaked interest rates increase the potential cost of bullion investments.

Focus is squared today on US retail sales and jobless claims scheduled to release later during the day, also eyes are on PPI figures for January on Friday.