Gold Giving Back Ground As U.S. Dollar Rises

(RTTNews) - After turning in a strong performance in the previous session, the price of gold has moved back to the downside during trading on Thursday.

Gold for April delivery has fallen $42.10 or 0.8 percent to $5,184.10 an ounce after jumping $49.90 or 1 percent to $5,226.20 an ounce during Wednesday's trading.

The pullback by the price of the precious metal comes amid an increase in the value of the U.S. dollar, with the U.S. dollar index rising by 0.2 percent.

On the U.S. economic front, a report released by the Labor Department showed a modest increase in first-time claims for U.S. unemployment benefits in the week ended February 21st.

The Labor Department said initial jobless claims rose to 212,000, an increase of 4,000 from the previous week's revised level of 208,000.

Economists had expected jobless claims to climb to 215,000 from the 206,000 originally reported for the previous week.

Traders are also keeping an eye on the third round of nuclear negotiations between the United States and Iran that kicked off in Geneva against a backdrop of continued mistrust.

Ahead of the meeting, the U.S. imposed sanctions on more than 30 individuals, companies and vessels linked to Tehran's oil trade.

U.S. Secretary of State Marco Rubio said Iran possessed a very large number of ballistic missiles that threaten U.S. interests in the region and it was trying to develop weapons that can reach the continental United States.

Vice President JD Vance said Tehran should take Washington's threats of military action seriously.