TOKYO, Nov, 19 (Reuters) – Gold edged down on Thursday, taking a breather after hitting a new record above $1,150 per ounce the previous day as inflation fears fuelled by stronger-than-expected US consumer prices added to the already bullish mood.

But the dollar gained some ground against a basket of currencies on Thursday, slightly sapping gold's momentum. The metal is often bought as an alternative to the US currency.

Investors were largely seen pausing before checking new economic data to see if US interest rate hikes are still a long way off.

''The structural strength in gold remains in tact,'' said Kaname Gokon, deputy general manager at Japanese commodity brokerage Okato Shoji Co's research section.

''Any further dips would be supported as buying is expected to emerge at around $1,120. Nothing will change unless strong US data dashes a consensus that US interest rates will stay low,'' he said.