Gold settles higher after 4-session decline

Gold futures settled higher Thursday, putting an end to a four-session streak of declines, but a recent rally in the U.S. dollar kept prices at more than 1% lower week to date.

Gold for June delivery GCM5, +0.05%  rose $2.50, or 0.2%, to settle at $1,188.10 an ounce on Comex. August gold GCQ5, +0.06% which is now the most-active contract, settled at $1,188.80, up $2.30, or 0.2%. Read: China sets up giant gold fund to expand its market power

July silver SIN5, +0.28%  also added 2.2 cents, or 0.1%, to $16.669 an ounce.

Gold has slumped this week as the ICE U.S. dollar index DXY, +0.07% rallied, with “the dollar strengthening against ongoing European economic struggles, in particular the Greek debt issue,” said Erik Gebhard, co-founder of Altavest Worldwide Trading. “Against such a backdrop, and unless there’s some sort of black swan event, it’s difficult to see gold prices finding cause to break out and run dramatically higher.”

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