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| Commodity News |
| HeadLine : |
Gold rises from three-week low on soft U.S. dollar |
| Date : |
Apr 24 2015 |
- Gold rose from a three-week low on Thursday, following its biggest drop in over a month on Wednesday, as the dollar retreated on weaker than expected U.S. economic data.
- U.S. gold futures for June delivery GCcv1 settled up 0.6 percent at $1,194.30 an ounce.
- Bullion's rebound from lows came as the dollar struggled for momentum after data showed new claims for jobless benefits rose last week for a third straight week.
- Separately, growth in the U.S. manufacturing sector dipped more than expected in April, while home sales recorded their biggest drop in more than 1-1/2 years in March.
- Greece can scrape together enough cash to meet its payment obligations into June, euro zone and Greek officials said on Wednesday, playing down fears of an imminent default even as hopes receded of a deal with creditors to release fresh aid.
- Demand in top bullion consumer India was expected to return to subdued levels following the gold-buying festival of Akshaya Tritiya on Tuesday.
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