Gold futures settled higher on Thursday, shaking off early losses, with prices for the metal finding support as the U.S. dollar eased back, with the ICE U.S. Dollar index DXY trading closer to the session’s lows. Strength in the dollar had weighed on dollar-denominated prices of gold in the wake of Thursday’s stronger-than-expected U.S. producer price and Tuesday’s consumer price index readings. “The reality is that gold prices will continue to fluctuate around data releases (jobs, inflation, growth, etc.) as investors continue to look for clues around the [Federal Reserve’s] policy decisions and the possibility of a recession,” said Christopher Louney, analyst at RBC Capital Markets. Gold for April delivery GCJ23 rose $6.50, or nearly 0.4%, to settle at $1,851.80 an ounce on Comex.
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