Gold swung higher on Thursday, snapping four sessions of losses as the dollar surrendered early gains, though the metal remained on track for its biggest weekly decline this year.
Spot gold was 0.37 percent higher at $1,328.81 an ounce by 11:09 a.m. EST, off an earlier low of $1,320.61 but still down 1.8 percent this week. U.S. gold futures for April delivery were down 0.07 percent at $1,331.10.
"The U.S. dollar is losing some value and the euro is making a comeback," said Afshin Nabavi, head of trading at MKS. "I think the market went short on the back of yesterday's FOMC (minutes). However a lack of follow-through (buying) below $1,320 ... once again brought some short-covering."