WASHINGTON (dpa-AFX) - Gold prices gained on Thursday after heavy losses on Wednesday attributed to ebbing safe haven demand. Both Spot Gold and Gold Futures have gained in Thursday's trade.
Spot Gold had declined 1.9 percent and Gold Futures for June settlement had erased 1.8 percent on Wednesday.
Gold Futures for June settlement rallied 0.31 percent overnight to trade at $3,198.16, versus the previous close of $3,188.30.
Gold's gains on Thursday came amidst an easing in the Dollar index and the softening in bond yields. The six-currency Dollar Index declined more than a quarter percent on Thursday. Ten-year bond yields in the U.S. eased 1.2 percent. Bond yields in Germany, France, U.K. and Japan also declined on Thursday.
The warnings by Fed Chair Jerome Powell about higher interest rates and volatility in inflation limited the yellow metal's gains.
The day's trading range has been between $3,123.61 and $3,203.1 as compared with the 52-week trading that ranged between $2,292.9 and $3,509.90.
With today's rally, weekly losses have decreased to 3.5 percent and losses over the past month stand at 4.6 percent. The price surge over the 3-year horizon is more than 75 percent.
Spot Gold added 0.60 percent overnight to trade at $3,196.44 per troy ounce. The day's trading range has been between $3,120.86 and $3,199.87. Spot Gold had ranged between $2,286.77 and $3,500.33 over the past 52 weeks.
At current prices, Gold Futures and Spot Gold have both gained close to 34 percent over the past year.
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