Gold futures score highest settlement in 3 months

Gold futures rose for a third straight session on Thursday, settling at their highest since mid-February on continued support from recent weakness in the U.S. dollar, as traders assessed the latest economic data for hints on the metal’s investment appeal.

Gold for June delivery on Comex GCM5, -0.50%  rose $7, or 0.6%, to settle at $1,225.20 an ounce. That was the highest settlement for prices, based on the most-active contracts, since Feb. 13.

July silver SIN5, -0.66%  also gained 24.4 cents, or 1.4%, to $17.465 an ounce.

The Labor Department said the number of people making initial claims for unemployment benefits fell by 1,000 to 264,000, remaining at a 15-year low. Economists had forecast claims to rise to 275,000.

Gold has been underpinned in part by a weaker dollar DXY, +0.03%  and lackluster economic data, which has seen investors push back the expected timing of the Federal Reserve’s next rate hike. Tighter monetary policy is seen as a negative for gold.

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