Gold rebounds on dollar decline

BY

Gold bounced back to gain more than 1 percent on Thursday on
short-covering and a decline in the dollar against the euro after key U.S. economic data.

But investors were reluctant to chase prices higher and the metal continued to hover in a trading range of $650-665 an ounce.

Gold <XAU=> rose as high as $661.05 an ounce and held at $660.00/661.50 an ounce by 3:30 p.m. in New York (1930 GMT), against $652.45/652.95 late in New York on Wednesday, when it dropped more than $3 on the back of a firmer dollar.

The dollar posted its largest fall against the euro in two weeks after a report showed the U.S. economy grew at its slowest pace in
more than four years in the first quarter. The U.S. currency
trimmed losses after another report showed business activity in the U.S. Midwest expanded at a faster pace than expected.

JKL

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