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Gold prices rose on Thursday after a near 2% slide in the previous session triggered buying interest for the safe-haven metal, although a strengthening U.S. dollar capped gains.
"We are seeing increasing volumes in the exchange-traded funds (ETF) to position gold on yesterday's sell-off. This goes to show that these dips are being bought by investors," said Daniel Ghali, commodity strategist at TD Securities.
Reflecting investors' sentiment in gold, holdings of SPDR Gold Trust, the world's largest gold-backed ETF, jumped to 924.94 tonnes on Wednesday, up 1.8% from the previous day.
However, denting gold's appeal, the dollar firmed near three-week peak after political uncertainties in the U.S. stemming from an impeachment inquiry into President Donald Trump drove investors to the safety of the greenback.
A U.S. House Intelligence Committee on Thursday released a declassified version of a whistleblower report alleging that President Donald Trump used his office to solicit interference in the 2020 presidential election from a foreign country.
The fresh developments in an inquiry into the impeachment of Trump sent U.S. stock indexes and Treasury yields lower offseting positive trade signals from China.
Earlier in the day, Beijing said it was in close communication with the United States and was preparing to make progress with their trade talks in October.
"The weakening global economic data and political risks should keep stimulus strong from the U.S. Federal Reserve, European Central Bank and People's Bank of China," Edward Moya, a senior market analyst at OANDA, said in a note.
"Once this consolidation period ends, we could see gold target the $1,600 level."
U.S. business investment contracted more sharply than previously estimated in the second quarter and corporate profit growth was tepid, casting a shadow on an economy that is being stalked by financial market fears of a recession.
"We continue to be in the opinion that global growth signals are still weakening and the question is will that sap into the United States and prompt the Fed to cut rates more aggressive than the market currently anticipating," TD Securities' Ghali said.
Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion.
On the technical front, spot gold is likely to fall to $1,488 an ounce after breaking support at $1,514, said Reuters technical analyst Wang Tao.
Elsewhere, silver rose 0.3% to $17.95 an ounce, platinum was up 0.8% at $932.83 and palladium climbed 1.3% to $1,663.30.