Gold Steady Around $1200 after Mixed U.S. Data

Gold prices slipped below $1,200 an ounce on Thursday, after rising earlier in the session on a softer dollar and weak data on U.S. industrial production.

Spot gold lost 0.5 percent to $1,195.10 an ounce, after climbing 0.7 percent on Wednesday.  Earlier, the precious metal got a boost as the dollar declined for a third straight session against a basket of major currencies on Thursday.

A weaker dollar makes gold cheaper for holders of other currencies, while also increasing the metal’s appeal as a hedge.  The dollar nursed modest losses against the yen and euro early, and suffered bigger falls versus commodity currencies led by the Canadian dollar.