Gold prices held steady on Thursday with a slightly weaker dollar lending some support, while investors awaited key U.S. economic data for further insights into the Federal Reserve policy path.
Spot gold was at $3,737.01 per ounce, as of 0347 GMT. U.S. gold futures for December delivery were unchanged at $3,767.90.
The U.S. dollar index fell 0.1%, making greenback-priced bullion less expensive for overseas buyers.
On Wednesday, San Francisco Federal Reserve Bank President Mary Daly said she "fully supported" the Fed's decision to cut its policy rate last week and expects further reductions ahead.
"The move (gold's rise) may reflect expectations that the Fed intends to run the U.S. economy hot as it rebalances its focus to the labour market," said Ilya Spivak, head of global macro at Tastylive.
"Initial support levels line up around $3,700 and $3,600. Breaking resistance at the latest high near $3,790 might expose $3,870-$3,875, followed by $4,000."
Investors are awaiting the personal consumption expenditures (PCE) price index report, the Fed's preferred inflation measure, on Friday.
The report is expected to show a month-on-month rise of 0.3% for August and 2.7% year-on-year increase, according to a Reuters poll.
"I don't think the inflation data will significantly impact (gold) unless it's exceptionally high," GoldSilver Central MD Brian Lan said.
"In our quantitative view of the market, the longer term is still very much bullish."
Weekly U.S. jobless claims data, due later on Thursday, may provide insights into labour market conditions.
Markets broadly expect two more 25-basis-point Fed rate cuts this year, in October and December. FEDWATCH
Safe-haven bullion, which tends to thrive in a low-interest-rate environment, hit a record high of $3,790.82 on Tuesday.
Spot silver was up 0.1% at $43.97 per ounce, platinum gained 0.4% at $1,477.94 and palladium rose 0.2% to $1,211.84.
Source: Reuters
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data promp...
Gold prices strengthened on Wednesday, supported by a weaker US dollar and falling US bond yields after the latest economic data reinforced the narrative that the Federal Reserve is likely to continue...
Gold experienced a slight correction in the European session on Tuesday (February 10th), but remained above $5,000/oz as the market held its breath ahead of a series of US data that could alter intere...
Gold held above the psychological $5,000 level at the start of the week, supported by a combination of factors that are "right" for the precious metal : physical demand from China, expectations of low...
Gold prices are still struggling to turn an intraday rebound into a sustained rally. After briefly falling to $4,654 (a four day low) and rebounding, prices were again rejected near $4,900. In the Eur...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...