RTTNews - Gold turned to the upside on Thursday, boosted by a weaker U.S. dollar. In general, the metal has remained in a range throughout the week.
August-dated gold futures climbed to $962.00 an ounce, up $7.30 for the day. Prices reached as high as $963.20 after hitting a 16-day low of $942.50 in electronic trading.
Overall, gold has remained in the neighborhood of the $950 mark through the week as traders awaited the Federal Reserve's next move. Last week, gold reached as high as $992.10, threatening to top $1,000 for the first time since February.
On the currency front Thursday, the dollar turned to the downside against the euro and crossed the 1.4000 mark again. The buck also fell against the sterling and tested a seven-month low.
In economic news, the U.S. Labor Department revealed that initial jobless claims came in at 601,000 for the week ended at June 6th. This was down 24,000 from the previous week's revised level of 625,000.
Meanwhile, a Commerce Department report showed that retail sales rose 0.5 percent in May following a revised 0.2 percent decrease in April. Economists had expected sales to increased by 0.5 percent compared to the 0.4 percent decrease originally reported for the previous month.
Later in the morning, a Commerce Department report showed that business inventories fell 1.1 percent in April following a revised 1.3 percent decrease in March. Economists had expected the drop in inventories to match the 1.0 percent decrease originally reported for the previous month.
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