Gold hits three-week high after downbeat U.S. data

Gold prices kept rising on Thursday, setting a three-week high and heading for the second weekly profit in a row, as demand rose on the safe haven following weak U.S. data. 

Gold last traded at $1,248.2 an ounce, up from the opening of $1,246.0, with a session-high at $1,253.1., and a low at $1,244.2. 

Gold's current advance comes amid mounting haven demand in the markets after U.S. unemployment claims rose more than expected last week, reaffirming expectations of a gradual approach by the Federal Reserve to increase interest rates by no more than three times this year. 

On the other hand, the dollar kept trading near a seven-week low hit earlier this week, underpinning the precious metal and other commodities, as investors look for alternative investments in the markets. 

Global stocks tries to recover yesterday after skidding earlier, by mixed expectations for interest rates and concerns about global trade after the G20 meetings underpinned the yellow metal.