Gold prices edged up on Thursday, holding close to a three-month peak as the metal benefited from weakness in the dollar, with the market focus on minutes of the US Federal Reserve's December policy meeting.
Spot gold rose 0.2% to $1,519.76 per ounce as of 1039 GMT, having touched the highest level since Sept. 25 at $1,525.20 on Tuesday. US gold futures were down 0.1% at $1,522.30.
"We are seeing a bit of a bounce back in the dollar but if you look at the movements that we saw (in the past few days), it is probably supporting gold in the interim," said OANDA analyst Craig Erlam.
Beijing's decision to ease monetary policy further supported bullion, Erlam added.
China's central bank on Wednesday said it was cutting the amount of cash that all banks must hold as reserves, releasing funds to shore up the slowing economy.
Bullion prices posted their biggest annual rise in nearly a decade in 2019, boosted by the drawn-out trade war between the United States and China that dragged on global economic growth.
Many analysts said prices were likely to rise further in 2020, with shaky growth and global stock markets potentially looking unsustainable at record highs.
"A key thing to look out for is stock markets, which have been setting new highs and, in case there is some correction, we can see some capital flows into gold," said Brian Lan, managing director at dealer GoldSilver Central in Singapore.
"Friday's US manufacturing ISM and the December Federal Open Market Committee (FOMC) minutes could provide an impulse," Stephen Innes, a market strategist at AxiTrader said in a note.
Lower interest rates encourage the buying of non-interest-paying bullion.