Gold edged off a one-month peak on Thursday, weighed down by a slight uptick in the dollar, offsetting support from U.S. Federal Reserve Chair Jerome Powell's dovish comments and some concerns over a stalling global economy.
Spot gold fell 0.2% to $1,822.76 per ounce by 10:25 a.m. ET. U.S. gold futures dropped 0.1% to $1,822.70.
The dollar index was up 0.1%, dimming gold's appeal to other currency holders.
But Powell in congressional testimony said the U.S. job market "is still a ways off" from the progress that the central bank wants to see before reducing its support for the economy, driving gold prices to a one-month peak earlier in the session.
Bob Haberkorn, senior market strategist at RJO Futures, said that gold's move above $1,800 along with concerns over a sell-off in equity markets had driven some safe-haven buying of bullion.
"Globally there are some spots that are pretty hot with that Delta variant and China slowing down a bit has sparked concerns about global equity markets, so you're getting some flight to safety into gold and silver."
A slew of mixed economic readings on Thursday showed China's economy grew more slowly than expected in the second quarter, while U.S. weekly jobless claims dropped to a 16-month low last week.
"It will likely take a more convincing shift of weaker data and transitory inflation to reinvigorate speculators to lift gold above $1,900 per ounce once again," TD Securities wrote in a note.
Non-yielding gold tends to gain in a low interest-rate environment, while some investors also view gold as a hedge against higher inflation.
Elsewhere, silver rose 0.1% to $26.25 per ounce, while platinum climbed 0.6% to $1,135.54, after hitting its highest level in a month at $1,146.
Palladium shed 1.4% to $2,787.53 per ounce.
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July 15, 2021 at 10:40AM
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Gold backs off 1-month peak on dollar uptick - CNBC
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