Gold prices inched up on Thursday in Asia after the IMF said the U.S. dollar is overvalued.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange, inched up 0.1% to $1,424.15 a troy ounce by 12:43 AM ET (04:43 GMT).

The yellow metal received some support overnight after the IMF said the U.S. currency is overvalued by 6-12% based on near-term economic fundamentals.

The U.S. dollar index  that tracks the greenback against a basket of other currencies fell 0.2% to 96.750.

A fall in the dollar decreases the cost of dollar-based assets for buyers from other countries, and their prices can rise.


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