Investing.com -- Gold futures inched up on Thursday amid a weaker dollar, halting a 10-day losing streak – its longest in nearly two decades.
On the Comex division of the New York Mercantile Exchange, gold for August delivery gained 2.60 or 0.24% to close at 1,094.10 a troy ounce. For the session, gold wavered between a low of $1,091.80 and a high of $1,104.50 before settling near session-lows at the close.
A session earlier, gold futures plunged more than 1% to close under $1,100 for the first time in more than five years. Previously, the precious metal closed lower in every session dating back to July 9. The extended skid tied a 10-day losing streak in 1996 for the longest slide during the period.
Over the last three weeks, gold has been besieged by downward pressure on several fronts. Historically, gold futures are viewed as a safe haven for investors in periods of severe economic instability. Global economic uncertainties, however, have eased following the resolution of Greek Debt and Iranian Nuclear accords, pushing some investors out of gold.
On Wednesday evening, the Greek Parliament ratified two critical measures required by Greece's euro zone creditors to reopen bailout talks. More than a week after Parliament passed an initial package of four measures needed to trigger new discussions, the legislative body approved the latest measures by a 230-63 vote in a late-night session. Five MPs abstained and two others were absent. The action enables Greece and its international creditors to revive negotiations on a three-year €86 bailout.
In the U.S., the Department of Labor said in a weekly report that the number of individuals filing for initial jobless claims for the week ending July 18 fell by 26,000 to a seasonally adjusted 255,000. With the unexpected decline, initial filings fell to its lowest level in more than 40 years. Analysts expected the figure to drop by 1,000 to 280,000.
The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, fell to an intraday low of 96.97 before rallying to 97.24, down 0.49% on the session. Earlier this week, the index surged to a three-month high at 98.31.
Dollar-denominated commodities such as gold become more expensive for foreign purchasers when the dollar appreciates.
Silver for September delivery lost 0.017 or 0.12% to 14.713 an ounce.
Copper for September delivery plunged 0.041 or 1.70% to 2.387 a pound.