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Investing.com - Gold futures were higher in North American trade on Thursday, on track to halt a six-day losing streak as the U.S. dollar pulled back from recent highs.
Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
The dollar index fell 0.45% to 94.97, moving away from a two-month high of 95.66 notched in the previous session, as traders looked ahead to comments from Federal Reserve Chair Janet Yellen for further hints on the timing of a U.S. rate hike.
Yellen is due to deliver comments at a Harvard University event on Friday. She could use her speech to reinforce expectations that the central bank might raise interest rates as early as next month.
Odds of a Fed rate hike for June stood at nearly 35% Thursday morning, according to futures markets. July odds were at about 60%.
Data released earlier showed that the number of Americans filing for unemployment benefits fell more than expected last week, while orders for long-lasting U.S. manufactured goods surged in April on strong demand for transportation equipment and a range of other products.
Gold for June delivery on the Comex division of the New York Mercantile Exchange tacked on $5.45, or 0.45%, to trade at $1,229.25 a troy ounce by 13:35GMT, or 9:35AM ET.
On Wednesday, gold sank to an intraday low of $1,217.70, a level not seen since April 6, as investors continued to factor in an increased chance of a near-term U.S. interest rate rise.
Gold futures are down more than 5% so far in May as recent comments from Fed officials as well as minutes of the Fed's April meeting have convinced many analysts and investors that a rate hike in June or July is a real possibility.
Elsewhere on the Comex, silver futures for July delivery rose 25.9 cents, or 1.59%, to trade at $16.52 a troy ounce during morning hours in New York, while copper futures inched up 1.2 cents, or 0.59%, to $2.114 a pound.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
