LONDON, Aug 28: Gold prices climbed in Europe on Thursday, tracking oil higher and supported by a recovery in the euro against the dollar.

Strong physical demand after gold’s recent sharp price fall also helped keep prices over $830 an ounce, although the precious metal is struggling to overcome technical resistance to break much higher.

Gold firmed to $832.30/833.30 an ounce from $826.05/827.45 an ounce late in New York on Wednesday, having hit an intraday high of $836.40 an ounce.

Crude prices climbed for a fourth straight session, boosting interest in gold as a hedge against oil-led inflation.

Oil at $118-119 a barrel is still extremely expensive and is still very much an inflationary pressure in the market, which is certainly supportive of gold, said Simon Weeks, director of precious metals at the Bank of Nova Scotia.

A reassessment of ECB policy may support the euro and by extension gold prices, he added.

Investors awaited US economic data due out later in the session, including second-quarter corporate profits and preliminary GDP numbers, for clues on the direction of trade.Investor demand for coins and bars and expectations of increased jewellery buying going into the peak-demand autumn festive season in Asia are also supporting gold prices.

India’s Titan Industries, which operates one of the country’s largest jewellery chains, told Reuters on Thursday that it expects the recent revival in gold demand to continue if prices remain around current levels.

Silver tracked gold higher to $13.72/13.77 an ounce from $13.49/13.55 an ounce late in New York on Wednesday.

Among other precious metals, spot platinum edged up to $1,445.50/1,465.50 an ounce from $1,434.00/1,454.00 late in New York, while palladium climbed to $292.00/300.00 an ounce from $288.50/296.50 an ounce.

—Reuters