WASHINGTON (dpa-AFX) - Gold prices inched higher on Thursday while the dollar slipped amid bets the Federal Reserve will cut interest rates aggressively to combat a slowing economy.
Heightened geopolitical tensions and concerns about an economic slowdown in China and the U.S. also helped bullion gain some traction today.
Spot gold climbed 0.6 percent to #2,397.74 per ounce, while U.S. gold futures were up 0.2 percent at $2,436.80.
The dollar traded weak and bond yields fell after a weak Treasury auction.
Last week's disappointing nonfarm payrolls release has fueled concerns that the U.S. economy was heading into recession and that the Fed is behind the curve on inflation and interest rates.
JPMorgan economists now see a 35 percent chance that the U.S. economy tips into a recession by the end of this year, up from 25 percent as of the start of last month.
In economic releases, weekly jobless claims data due later in the day may shed additional light on the state of the world's largest economy.
The U.S. consumer price inflation report for July is due next week before the central bank's Jackson Hole Economic Policy Symposium the following week.
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