Gold closes higher, snaps 4-day losing streak

Gold prices rose on Thursday, and snapped a 4-day losing streak, on the US dollar's drop against its peers after the release of weak economic data.

The initial unemployment claims in the US fell to 861,000 last week, worse than forecasts of 775,000.

The markets are focused on the ongoing discussions between the White House and the US Congress over President Joe Biden's $1.9 trillion Covid-19 relief plan.

The dollar index fell against a basket of major currencies by 0.4% to 90.6 points as of 19:55 GMT, after hitting a high of 90.9 points and a low of 90.5 points.

Gold April futures rose 0.1% or $2.2, and closed at $1,775 an ounce, with today’s high at $1,788.8, and the low at $1,766.6.