Scattered weak spots in the global economy are helping gold fetch a bid. But getting the yellow metal out of the $1,200 hole will require a lot more risk aversion.
Bullion and gold futures advanced slightly from four-month lows Thursday as anemic manufacturing numbers out of Europe renewed worries about growth in the world’s largest economic bloc. But the dollar, strengthened by resurgent U.S. retail sales, capped gold’s gain, reflecting the precious metal’s challenge in recapturing its $1,300 perch.
Spot gold, reflective of trades in bullion, was up 20 cents at $1,274.24 per ounce by 2:15 PM ET (18:15 GMT).
Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, settled the official session down 80 cents, or 0.1%, at $1,276 per ounce.
Thursday’s market also saw crimped activity ahead of the Good Friday holiday.