U.S. gold futures for December delivery were up 2.02% to $1,154.40 an ounce on the Comex Thursday morning.
Prices of the yellow metal were rising due to the weakness in the dollar ahead of a speech by Federal Reserve Chairman Janet Yellen and the release of jobs data Thursday afternoon, according to The Wall Street Journal. Yellen will speak at the University of Massachusetts at 5 p.m., and could give a clue about the timing of U.S. interest rate increases.
Gold is priced in dollars, making the precious metal cheaper to those using foreign currencies when the dollar is weaker.
"Dollar vulnerability has translated to the gold bulls regaining momentum, with the next relevant resistance...at $1,145 an ounce still in play," FXTM research analyst Lukman Otunuga said in a note to investors.
Insight from TheStreet's Research Team:
Yamana Gold is a core holding of David Peltier's Stocks Under $10 Portfolio. During the most recent weekly roundup, this is what Dave had to say about the stock:
Yamana Gold ( (AUY) - Get Report ; 2,700 shares; 2.82%; Inflection Point; $12.50 price target): This gold-and- copper exploration company operates seven mines and several ongoing development projects in Brazil, Argentina and Chile. The stock bounced back 8% this week, along with the underlying price of gold. We believe that management can continue to boost production growth, while keeping a tight lid on costs.