NEW YORK: Gold was higher on Thursday as a weaker dollar pushed prices during the session to a three-week high for the second time in successive days, while palladium dipped but stayed close to 16-year peak hit during the session.

Spot gold was up 0.4 percent at $1,286.27 an ounce by 1:42 p.m. EST (1842 GMT), after touching $1,288.13, its highest since Oct. 20.

US gold futures for December delivery settled up $3.80, or 0.3 percent, at $1,287.50 per ounce.

The dollar fell to a six-day low against a basket of currencies, as investors balked at emerging details of the US Senate Republicans’ version of a tax cut plan.

“Although the dollar’s travails have brought a smile to long-suffering bullish gold traders, it is important to note there seems to be an absence of risk aversion premium in gold’s price and that its fate will be decided by the dollar alone,” said Jeffrey Halley, a senior market analyst with OANDA.

Among other metals, palladium was down 0.2 percent at $1,011 an ounce, after hitting $1.026.10, its highest since 2001.

Meanwhile, silver shed 0.2 percent at $16.98 an ounce while platinum gained 0.8 percent at $938.30 an ounce.—Reuters