Gold books a gain as dollar tumbles versus yen

Gold prices finished sharply higher Thursday, coinciding with a meltdown for the U.S. dollar against the yen, and fresh signals that the Federal Reserve is taking a cautious approach to future interest-rate hikes.

June gold GCM6, +0.07% closed up $13.70, or 1.1%, to $1,237.50 an ounce, after closing on Wednesday down $5.80, or 0.5%, to $1,223.80 an ounce. The metal is on track to log a gain of 1.5% — its best weekly gain since the week ended March 4, according to FactSet data.

The buck’s weakness against the yen highlighted an aversion to risky assets that gripped global markets Thursday, pushing the Dow Jones Industrial Average DJIA, -0.98%  to a drop of more than 200 points.

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