Gold prices rose slightly during the Asian trading session. Spot gold rose 0.1% to $4,014.07 an ounce. Analysts at ANZ Research said in a report that physical gold demand for this metal and central bank purchases are supporting the gold market. The analysts added that although the price of gold faced short-term resistance brought about by the Federal Reserve's tightening expectations and the strength of the US dollar, after several months of exchange-traded fund outflows, gold's investment position seemed very thin, indicating that there may be limited room for further decline. High interest rate environments usually drag down unprofitable assets such as gold.

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