Investing.com - Gold pared losses on Thursday, pulling back from one-week lows as a rally in the dollar eased ahead of U.S. data on inflation and bank earnings later in the day.
Gold futures for June delivery were down 0.5% at $1,242.1 an ounce by 0948 GMT.
Gold traded as low as $1,230.8 earlier in the session.
The precious metal has reversed all its early gains for the week after hitting a three-week high of $1,262.60 an ounce on Tuesday.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.15% to 94.95.
Gold prices posted their strongest gains in 30 years in the first quarter of 2016 as global growth concerns and investor uneasiness about negative-interest-rate policies in Japan and Europe bolstered investor appetite for bullion and other safe haven assets, including the yen.
Investors also pushed back expectations on the timing of the next rate hike by the Federal Reserve after dovish comments from Fed Chair Janet Yellen.
An increase in interest rates would boost the greenback by making it more attractive to yield-seeking investors, while weighing on gold by making it more expensive for holders of other currencies.
Among other precious metals, silver futures for May delivery were down 1.1% to $16.14 an ounce. Copper for May delivery slid 0.5% to $2.157 a pound.