Gold gains on weaker dollar; retail sales, jobless data eyed

[BENGALURU] Gold prices rose on Thursday as a weaker dollar boosted the safe-haven metal's appeal, while investors awaited the release of weekly jobless claims and March retail sales data in the United States later in the day.

Spot gold rose 0.2 per cent to US$1,738.96 per ounce by 1.21am GMT. US gold futures were up 0.1 per cent to US$1,737.90 per ounce.

The dollar held near a three-week low against a basket of currencies on Thursday, as US bond yields levelled off following a surge last month.

A weaker dollar makes gold cheaper for buyers outside the United States.

Further supporting bullion, major global stock indices also slipped.

The US economy accelerated into the spring on the basis of rising consumer sentiment, according to the Federal Reserve, and Fed Chair Jerome Powell said the country is on track for faster growth and hiring in the coming months.

The eurozone economy, however, is now relying on the "two crutches" of monetary and fiscal stimulus, which cannot be removed until the economy recovers completely, according to European Central Bank President Christine Lagarde.

US import prices rose more than anticipated in March, boosted by higher fuel rates and tight supply chains.

A US health panel called for more data before making a decision on whether to resume Johnson & Johnson's vaccine.

Silver rose 0.5 per cent to US$25.53 and palladium was up 0.3 per cent at US$2,683.51. Platinum gained 0.5 per cent to US$1,176.05.

REUTERS