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Gold rebounds Thursday ahead of US data

Gold rebounds Thursday ahead of US data

Mubasher: Gold prices rose on Thursday after hovering close to five-week lows, amid varying performance for the US dollar and ahead of US data.

Later in the day, the US Census Bureau will announce the monthly figures for durable goods orders and jobless claims data.

By 11:23 am GMT, gold futures, for June delivery, rose 0.29% to $1,326.60 per ounce, while spot gold went up 0.15% reaching $1,325.18 per ounce.

The precious metal showed a decline during trading late on Wednesday, whereas the US dollar had returned to gains backed by surge in the US Treasury bond (T-bills) yields, which reached four-year highs.

However, US 10-year T-bills declined slightly on Thursday but remained at three-year highs, thus supporting the metal.

In the meantime, the US dollar index slipped 0.10% to 91.085.