Gold futures gained on Thursday as the yellowish metal benefited from the U.S. dollar losing value, according to Reuters.
The world's reserve currency sank to its lowest in 14 days against a handful of competing currencies. The euro achieved a bounce from a published report stating the European Financial Stability Facility is likely to purchase bonds issued by debt-hobbled Spain on the primary and secondary markets. Increased numbers of Americans filed jobless claims last week, which also harmed the dollar against the euro.
"The push is definitely coming from firmer equity markets and this lends some support to commodity prices. Gold and the other precious metals are gaining some lost ground from yesterday and so there is some catch-up potential at the moment," analyst Daniel Briesemann with Commerzbank told Reuters on Thursday.
At 9:32 a.m. on Thursday, gold futures increased 0.81 percent, a $12.70 lift to $1,583.50 per troy ounce.
For week-ended July 14, jobless claims advanced 34,000 to amount to 386,000, according to Bloomberg. The figure represents a higher number than anticipated as the host of the globe's largest economy continues enduring hiccups.
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