Gold attempts recovery from 3-month low as dollar falls

Gold prices rose on Thursday for the first time in 6 days, within recovery attempts from a 3-month low, while the US dollar fell.

Gold prices rose 0.7% to $1,789.00 an ounce, after opening at $1,776.65, and hit a day low at $1,775.69.

The yellow metal closed lower by 1.1% yesterday, in its fifth straight daily loss and the longest losing streak in 2021, and hit a 3-month low of $1,769.53.

The dollar index fell more than 0.3% today, to pull back from a week high of 91.05 points.

The US dollar fell due to weak demand, amid optimism about the global economic recovery thanks to massive stimulus measures and vaccination campaigns.

The Federal Reserve's minutes of its January 26-27 meeting, revealed that the Fed will continue its dovish monetary policy until the economy shows strong signs on returning to its growth path and reach full recovery from the Covid-19 pandemic.

Gold stocks at the SPDR ETF fell 3.79 metric tonnes yesterday, with the total at the lowest level since June 10 of 1,132.89 metric tonnes.