Mubasher: Gold traded higher on Thursday, close to the 15-week peak tapped last session, as trade concerns and an expected US rate cut lent support, despite investors booking in profits in the precious metal after the latest surge, Reuters reported.

By 9:32 am GMT, spot gold rose by 0.48% to $1,336.68 per ounce, after tapping $1,343.86 per ounce its highest level since 20 February, while US futures climbed by 0.55% to $1,340.90 per ounce.

“The Fed’s dovish signal will obviously boost gold prices and weaken the dollar,” Singapore-based Phillip Futures analyst Benjamin Lu was quoted by Reuters.

At 9:34 am GMT, the US dollar index, which gauges the greenback against a basket of six rivals, inched down by 0.08% to 97.24.

Investors locked in some profits after gold prices rallied by nearly $70 in the past five sessions, Lu said.

Recent weak economic figures from the US overstated the possibility of an interest rate cut by the Federal Reserve.

Cutting interest rates would mean a rally for the yellow metal, as the opportunity cost of holding the non-yielding bullion becomes lower.

Payrolls data indicated the slowest job growth in the US private sector since nine years last May, which analysts ascribed to the escalating global trade feuds.

Meanwhile, talks between US and Mexican officials are set to kick off on Thursday in Washington, with the aim of avoiding a move to slap Mexican goods with US tariffs.

Nevertheless, US President Donald Trump did not see enough progress in curtailing migration when officials from both sides met on Wednesday.