Gold Finishes Higher for Second Day

Gold prices rose on Thursday for the second consecutive session, amid the U.S. Dollar (USD) continued rise to its highest level in about three months, on the back of positive economic data.

Gold futures for August delivery increased by $5.20, or 0.30%, to close at $1,776.80 per ounce.

Over the past two days, the yellow metal most active contract has recorded its biggest two-day rise since June 7, adding about $13, or 0.74%.

Rising investors’ demand is providing support for the precious metal, which declined by more than 6.5% over the first half of the year.

Last month, gold lost 7%, limiting its rise during the second quarter to about 5%.

The upward performance by bullion comes despite the rise of the U.S. Dollar (USD) against major currencies to its highest level in about three months.

Expectations for a rise in inflation also continue to provide support for the yellow metal.