Gold futures settled higher on Thursday, rebounding from early losses and extending gains to a third straight session.
However, gains for the yellow metal were just modest as the dollar firmed against most of its major rivals, rebounding from losses posted in the previous session.
The dollar index, which drifted down to 92.27 in the Asian session, recovered well to hit a high of 92.69 later on in the day.
Gold futures ended up by $4.00 or about 0.2% at $1,829.00 an ounce, the highest settlement in about a month.
Silver futures for September ended up by $0.123 or 0.5% at $26.394 an ounce, while Copper futures for September settled at $4.3230 per pound, gaining $0.0555 or about 1.3%.
A report from the Federal Reserve showed industrial production increased by less than expected in the month of June. The Fed said industrial production rose by 0.4% in June after climbing by a downwardly revised 0.7% in May. Economists had expected industrial production to increase by 0.7%.
The Labor Department’s data showed first-time claims for unemployment benefits decreased to 360,000 in the week ended July 10th, in line with economist estimates. That was down 26,000 from the previous week’s revised level of 386,000. Economists had expected jobless claims to dip to 360,000 from the 373,000 originally reported for the previous week.
The Federal Reserve Bank of New York released a report on Thursday showing a substantial acceleration in the pace of growth in New York manufacturing activity in the month of July. The New York Fed said its general business conditions index soared to 43.0 in July from 17.4 in June, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to inch up to 18.0.
Meanwhile, a report released by the Federal Reserve Bank of Philadelphia showed a slowdown in the pace of growth in Philadelphia-area manufacturing activity in the month of July.
Federal Reserve Chairman Jerome Powell told the U.S. House Financial Services Committee on Wednesday that the U.S. economy is “a ways off” from where it needs to be for the Fed to tighten its easy monetary policy.