Gold Rallies to $1210 on U.S. Rate Hike View

Gold pared gains on Thursday after stronger-than-expected U.S. data lifted the dollar and impetus from Chinese buying petered out, but it remained higher after the Federal Reserve indicated this week that it was in no rush to raise interest rates.

The dollar rose against a currency basket as data on U.S. durable goods orders in January beat forecasts, boosting confidence in business activity despite worries of the recent surge in the dollar hurting exports.

That weighed on gold, which is priced in the U.S. unit.  Spot gold was up 0.5 percent at $1,210 an ounce. Earlier it hit a session high of $1,220.00 above the 100-day moving average at $1,216.20, before retreating as the dollar firmed.


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