Gold futures on the COMEX Division of the New York Mercantile Exchange hit a six-week high on Thursday due to a weak dollar, but closed flat as the surging stock market reduced Gold's appeal of safe-haven.
Silver and Platinum both gained. Gold price for August delivery gained US$1.50 oz, or 0.2%, to finish at US$954.80 oz while earlier in the session topping as high as US$957.50, the strongest level since June 11.
Buoyed by the weak US$, Gold rose mildly in the morning session. The dollar index, a gauge to measure the greenback's value against six other major currencies, declined as much as 0.38 pt, or 0.5%, weakening the precious metal's attraction as a hedge. However, a series of positive earnings reports and upbeat data on the housing market buoyed the equity market on Thursday with the DJIA rising 188 pts to 9,069, above the 9,000 mark for the first time since early January. Savvy market observers indicated that the big rally in stock market undermined Gold's appeal of safe-haven and lured investors to pour their money into stocks.