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Gold Prices: Bullion Rises as Stocks Struggle to Keep 3-Day Rally
Gold prices advanced on Thursday, as U.S. stock indices were headed to end their three-session rally.
Gold prices for April delivery on the New York Mercantile Exchange’s Comex division settled at $1,226.30 an ounce, up 1.2%.
The yellow precious metal rose amid indications that the Federal Reserve would slow the pace of U.S. interest rate hikes this year. Lower rates support the brightness of precious metals that don’t offer a yield.
As of 2:24 p.m. in New York, the S&P 500 fell 0.3% at 1,922, the 30-member Dow Jones Industrial was down less than 0.1% at 16,447, while the tech-heavy NASDAQ Composite had a sharp slump of 0.7% at 4,502.
The three indices had gained an average of five percent over the past three sessions, paring losses they have incurred since the beginning of the year.
