Gold rose on Thursday as the volatility in stock markets boosted some haven demand on the metal, ahead of important U.S. data.
The precious metal hit a high of $1242.27 an ounce, while currently trading around $1235.75 from the opening at $1227.40.
U.S. shares reversed their losses as crude soared, while Asian shares advance except in China equities dropped.
Crude oil futures for April delivery fell to $31.65 a barrel from the session’s opening at $32.18
The Shanghai Composite Index tumbled 6.41 percent amid concerns about the exchange rate in China, ahead of the G20 meeting later this week.
The dollar rose slightly against a basket of major currencies, where it dropped the previous session after the release of downbeat U.S. services and new home sales data.
The green currency soared to 97.55 from the session’s opening at 97.50, ahead of U.S. durable goods report due later in the day.
U.S. durable goods gained 3.0 percent last month, according to median forecasts, while unemployment claims rose to 271,000 last week, according to median forecasts.
St. Louis Fed President James Bullard warned on Wednesday that further interest rate increases amid the low inflation.
“I regard it as unwise to continue a normalization strategy in an environment of declining market-based inflation expectations,” Bullard said.
