Gold rebounds from 2-week low on falling dollar

Gold prices rose on Thursday, within recovery from a 2-week low, to head for the first gain in 4 days, as the US dollar fell against its peers. 

Gold prices rose more than 0.3% to $1,795.37 an ounce, after opening at $1,789.22, and hit a high at $1,786.64.

Gold closed lower by 0.3% yesterday, and hit its 2-week low of $1,782.36 an ounce, after strong US jobs data.

The US Department of Labor reported on Wednesday that job openings number jumped to a new record of 10.93 million in July, beating forecasts of 10.03 million, after rising to 10.07 1 million in June.

The dollar index fell 0.2% today, moving away from its 2-week high of 92.86 against a basket of major rivals. 

Dollar came under pressure from disappointing US weekly jobless claims data, and ahead of the results of the European Central Bank monetary policy meeting.

New York Federal Reserve Bank President John Williams said on Wednesday that substantial further progress is needed toward its maximum employment before tapering off monetary stimulus.

Gold stocks at the SPDR ETF remained unchanged yesterday, for the fourth straight day, with the total at the lowest level since April 9, 2020 at 998.52 metric tonnes.