Dollar slips after weak U.S. dataGold looks overbought – analystPalladium rose up to 3% earlier in session
Jan 19 (Reuters) – Gold prices rose over 1% on Thursday, supported by a weaker dollar and some safe-haven demand as weak U.S. economic readings and hawkish comments from Federal Reserve officials fuelled recession worries.
Spot gold shot up 1.1% to $1,924.09 per ounce by 1:52 a.m. ET (1852 GMT), close to its 9-month peak of $1,929 reached on Monday. U.S. gold futures settled up 0.9% at $1,923.9.
“There is flight to safety. Gold just seems to do better when markets are declining,” said Jeffrey Sica, chief executive officer of Circle Squared Alternative Investments.
“The U.S. dollar is weakening and that’s one of the reasons why we’re seeing the rally in gold, which I think is going to just accelerate from here.”
The dollar was hovering close to an eight-month low after a raft of data showed the U.S….