Gold turned lower on Thursday, dipping back below $1,100 an ounce as a steeper-than-forecast drop in US jobless claims helped the dollar recover from earlier lows, though prices remained under pressure after this week's plunge. Gold posted its deepest one-day loss in nearly two years on Monday, pushing prices through key chart levels and setting it up for further weakness. Low prices tempted some buyers back to the market on Wednesday, but gains remained muted.
Spot gold was down 0.3 percent at $1,089.34 an ounce at 2:53 pm EDT (1853 GMT), off a high of $1,105.60. US gold futures for August delivery settled up 0.2 percent at $1,094.10. "The markets are all focusing on a September rate hike, so assuming that is when it occurs, you have to think that gold is going to remain under downward pressure up until that point," Citi analyst David Wilson said. Silver was down 1 percent at $14.63 an ounce. Spot platinum fell 0.8 percent at $971 an ounce, while spot palladium was down 1.6 percent at $613.75 an ounce.
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