Gold rose on Thursday as bargain hunters reversed its decline to a 3-1/2-month low the previous day, when investors fled risk in global financial markets. Spot gold stood at $643.20/643.80 an ounce, versus $642.50/644.00 in late New York.
On Wednesday, it fell as low as $638.90, the lowest since March 14. The most active gold futures contract for June 2008 delivery on Tokyo Commodity Exchange stood at 2,581 yen a gram, up 23 yen or 0.9 percent from the previous close.
Recovery in oil prices provided support to precious metals, with London Brent crude rising above $70 a barrel.
A US government report showed a surprise drop in fuel inventories in the world's top consumer, renewing concerns about supply in the midst of peak summer driving season.
The dollar rose 0.40 percent to 123.30 yen, rebounding from a two-week low of 122.23 yen hit in the previous session. The euro was little changed from late New York trade at $1.3455. Cash platinum traded at $1,271/1,276 an ounce, recovering from a low in more than three weeks of $1,259.50 marked the previous session.
It traded at $1,266.10/1,273.10 in late New York. Spot silver was quoted at $12.315/12.345 an ounce, higher than $12.26/12.29 an ounce in New York. Spot palladium fetched $364/368 an ounce, compared with $360.75/364.75.
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