KITCO NEWS -- Gold prices managed to gain some ground near the close on Thursday after dropping to their lowest level in a week. However, author and commodities broker Carley Garner said the metal is due for a "modest" correction.

"I personally think the $1,300 level will hold as resistance," she told Kitco News on Thursday. The senior analyst for DeCarley Trading noted that gold is finding support mainly from geopolitical tensions, which seem to be dissipating. "I think it's geopolitical risk or nothing at this point for gold," she said. Garner added that the U.S. dollar is likely to remain well supported, which would be another factor working against the yellow metal. "Gold won't benefit from a weaker dollar any time soon." Gold managed to take on 40 cents to settle the day at $1,283.80 an ounce.

This article is commentary by an independent contributor. 

More from Currencies

Bitcoin Today: Prices Stay Afloat In Search for Momentum Above $8,200

Bitcoin Today: Prices Stay Afloat In Search for Momentum Above $8,200

P&G Tops Forecasts in Early Q3 Earnings Release Following Merck KGaA Deal

P&G Tops Forecasts in Early Q3 Earnings Release Following Merck KGaA Deal

Bitcoin Today: Prices Hold Gains Above $8,000

Bitcoin Today: Prices Hold Gains Above $8,000

Aluminum Prices Skyrocket on Sanction-Driven Global Supply Concerns

Aluminum Prices Skyrocket on Sanction-Driven Global Supply Concerns

Bitcoin Today: Cryptos Gain as Regulation Takes Backseat, IMF Offers Boost

Bitcoin Today: Cryptos Gain as Regulation Takes Backseat, IMF Offers Boost