Gold rose for the third straight day to hit a new eight-week high above $942 per ounce on Thursday, buoyed by firmness in oil prices and the dollar's recent slide to its lowest level in nearly five months. But gains were mainly driven by funds buying US gold futures, resulting in arbitrage cash gold purchases.
While a rise in Asian currencies against the dollar capped the price of gold denominated in regional currencies, traders said. Spot gold rose 0.5 percent to $941.90 an ounce by 0537 GMT, compared with the New York notional close of $937.10.