Gold continued higher Thursday, building on gains scored a day earlier as remarks by Federal Reserve Chairman Jerome Powell were seen signaling a rate cut remains likely at the end of the month.
Gold for August delivery on Comex rose $9.10, or 0.6%, to $1,421.60 an ounce, while September silver was up 7.4 cents, or 0.5%, at $15.30 an ounce.
Powell's dovish tone sent the U.S. dollar lower and it remains weaker on Thursday. The ICE U.S. Dollar Index a measure of the currency against a basket of six major rivals, fell 0.2% Thursday to 96.885 and is down 0.4% so far this week. A weaker dollar can be a positive to commodities priced in the greenback as it makes them less expensive to users of other currencies.
Source : MarketWatch