By Arpan Mukherjee Gold edged higher in Asia Thursday with the help of a stronger euro, but profit-taking will likely impede any sustained move higher. Spot gold was at $1,782.20 a troy ounce at 0432 GMT, up $3.20 from its previous close but off the recent 2012 high of $1,791.65, reached Monday. "We see growing risks of a downside retracement and peg the initial target around $1,750," ANZ analysts said in a report, noting that the metal's failure to progress above $1,800 has created a flat to a "bearish" chart outlook. They tipped gold to remain in a $1,750-$1,790 range. Some market participants said that the price trend in recent sessions--gold has fluctuated between $1,736.85 and $1,791.65 since mid-September--suggest that traders are happy with range trading and have resorted to booking profits when the price approaches $1,791/oz resistance. "With a lack of physical demand around, the market will be subject to sharp pullbacks as we climb higher," bullion refiner MKS Finance said in a report. A stronger euro helped to increase demand for dollar-denominated commodities, which are more affordable to holders of other currencies when the greenback weakens. The single currency was at $1.2927 compared with $1.2905 late in New York. Market attention will likely turn to the European Central Bank's policy decision on interest rates, due at 1145 GMT, and the minutes of the Federal Open Market Committee's last meeting, scheduled to be published at 1800 GMT. While the ECB is widely expected to keep its benchmark interest rate unchanged at 0.75%, a surprise cut in rates could weigh on the euro and hence on prices of dollar-denominated commodities. Spot silver was at $34.81/oz, up 17 cents. Spot platinum was at $1,686.10/oz, up $2.10 and palladium was at $652.10/oz, up 10 cents. Supply-side fundamentals because of strikes at South African mines will continue to support prices, ANZ analysts said. Write to Arpan Mukherjee at arpan.mukherjee@wsj.com

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