Gold turned lower on Thursday, dipping back below $1,100 an ounce as a steeper-than-forecast drop in U.S. jobless claims helped the dollar recover from earlier lows, though prices remained under pressure after this week’s plunge.
Gold posted its deepest one-day loss in nearly two years on Monday, pushing prices through key chart levels and setting it up for further weakness. Low prices tempted some buyers back to the market on Wednesday, but gains remained muted.
Spot gold was down 0.5 percent at $1,087.56 an ounce, off a high of $1,105.60. U.S. gold futures for August delivery settled up 0.2 percent at $1,094.10.