Gold prices were modestly up as poor US data maintains its pressure on the dollar, spurring a buyers market for the yellow-metal.
Golf for June delivery on the Comex division of the New York Mercantile Exchange rose 90 cents to $1,219.10 per ounce. Trade has ranged from $1,211.0 to $1,221.9.
The dollar has progressively fallen the past week with the euro 0.5 percent stronger at $1.1407 against the dollar today.
“The main catalyst was the weaker dollar,” Marex Spectron said. “Amazingly, most people I spoke to are now bullish, the same ones who were bearish thirty dollars lower, which shows why gold and silver have these sudden moves, as traders still don’t seem to have worked out that selling the complex on the lows is not a good idea.”
If prices continue to decline, the price could break resistance at $1,220-$1,225 per ounce and up to $1,250 per ounce, the report added.
In US data, PPI month-over-month in April was down 0.4 percent, while forecasters pegged a positive 0.1 percent growth. Unemployment claims for the week were 264,000, below the estimates of 272,000. Lastly, April Core PPI month-over-month decreased 0.2 percent, as estimates predicting a 0.1 percent increase.
Meanwhile in the eurozone, Germany’s DAX and France’s CAC-40 were up 0.8 percent and 0.6 percent respectively.
As for other precious metals, Comex silver for July delivery was up more than a cent to $17.375 per ounce. Trade has ranged from $17.070 to $17.435. Platinum for July delivery on the Nymex rose $6.0 to $1,156.8 per ounce, while the most actively traded palladium contract was at $781.95, down $7.45.
Light sweet crude (WTI) oil futures on the Nymex were down $0.19 or 0.3 percent to $61.30 per barrel.
(Editing by Tom Jennemann)
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