Spot gold is up 0.4% at $1,722.09 per ounce, while US gold futures rose 0.6% to $1,730.10
Gold prices edged higher on Thursday, lifted by a subdued dollar and US treasury yields, although prices were confined to a narrow range as investors awaited more US data that could affect the outlook for the Federal Reserve’s rate-hike trajectory.Benchmark US 10-year treasury yields eased after recording their biggest one-day jump since September 26 on Wednesday, while the dollar index ticked 0.1% lower. Lower yields decrease the opportunity cost of holding gold, which pays no interest.
"That would assuage market fears and clear the way for higher gold prices by sapping the dollar’s safe-haven strength." Upbeat data and hawkish comments from San Francisco Federal Reserve President Mary Daly on Wednesday cooled any hopes of a policy pivot.
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