NEW YORK: Gold bounced back from a three-month low on Thursday as the dollar and bond yields moved lower after US economic data, offering investors respite from a ‘hawkish pause’ on interest rates by the Federal Reserve.
Spot gold gained 0.7% to $1,957.40 per ounce by 11:45 a.m. EDT (15:45 GMT) after having hit its lowest since March 17. US gold futures rose 0.1% to $1,969.90. US initial jobless claims were unchanged at 262,000 for last week, while separate data showed industrial output dropped 0.2% in May, missing expectations for a 0.1% increase.
The dollar index slid 0.7% to a one-month low, while 10-year Treasury yields slipped, supporting demand for buck-priced, zero-interest-bearing bullion.
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