Gold futures on Thursday scored their first gain in three sessions, with a pullback in the U.S. dollar prompting a modest rebound from gold’s lowest level in about four months.
Gold for April delivery added $1.30, or 0.1%, to settle at $1,151.90 an ounce on Comex after tallying a loss of 1.4% over the past two trading sessions. Prices Wednesday closed at their lowest since early November.
May silver settled at $15.516 an ounce, up 15 cents, or 1%.
For gold, “the fear of further price falls does deter Asian demand, but once that is removed the concept of ‘bargains’ takes over,†said Julian Phillips, founder of and contributor to GoldForecaster.com.
The ICE dollar index on Thursday tumbled against its rivals following news that U.S. retail sales fell for a third straight month in February. Meanwhile, weekly jobless claims fell more than expected.
Gold prices saw pressure Wednesday when the dollar index climbed, as the euro slumped to a nearly 12-year low versus the greenback.
