Gold futures finished higher on Thursday, as the rise in Americans filing for unemployment benefits last week to eight-month high, spurred Fed interest rate cut hopes. Market anticipated that the central bank will initiate its easing cycle in September. Meanwhile, investors closely eyed next week's CPI and PPI releases for further insights into the Fed's monetary stance. Besides, ongoing central bank purchases, and increasing Asian demand also triggered positive trend in precious metal rates.
Gold futures for June delivery added by $18 or 0.77% to settle at $ 2340.30 per ounce on the Comex division of the New York Mercantile. Spot gold rose by $7.15 points or 0.30% to $2,353.48 an ounce.