Gold Remains Above $1220 as Dollar Comes Under Pressure

Gold closed at a three-month high on Thursday as the dollar came under pressure following a new batch of mixed U.S. data that pushed back expectations of when interest rates in the world’s largest economy will rise.

Initial claims for state unemployment benefits slipped last week close to a 15-year low reached last month, but other data showed that a strong dollar and lower oil prices suppressed producer inflation in April.

U.S. gold futures for June delivery settled up $7.00 at $1,225.20 an ounce, its highest since February 13.  Spot gold rose to the highest since Feb. 17 at $1,226.20 an ounce and was trading up 0.5 percent at $1,221.83 an ounce.