Gold inched up on Thursday on the back of a weaker dollar, as investors assess whether the latest set of US economic data will boost the prospect of an early interest rate hike by the Federal Reserve. Bullion had turned negative on Wednesday after the greenback got some cushion as data showed US manufacturing activity expanded for a third straight month in May.
Spot gold was up 0.2 percent at $1,214.61 per ounce by 0629 GMT. It fell 0.2 percent on Wednesday to close at $1,212.40. US gold gained 0.2 percent to $1,217.
Gold is sensitive to interest rates, gains in which raise the opportunity cost of holding the non-interest-yielding asset.
Among other precious metals, spot silver rose 0.3 percent to $15.99 per ounce. Silver had slipped to $15.77 on Wednesday, its lowest since April 12.
Comments
Comments are closed.