Gold hits 5-week high as soft U.S. data eased rate rise fears

14-May (Reuters) – Gold hit a five-week high on Thursday as the dollar remained under pressure following sluggish U.S. data that pushed back expectations of when interest rates in the world’s largest economy will rise.

Spot gold rose to the highest since April 6 at $1,219.70 an ounce and was trading up 0.3 percent at $1,218.05 an ounce by 1131 GMT.

U.S. gold futures for June delivery were unchanged at $1,217.60 an ounce.

The metal was also heading for its biggest weekly gain in five months, mostly aided by an almost 2 percent increase on Wednesday after the dollar tumbled to three-month lows.

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