Gold closes lower on stronger dollar and Powell's remarks

Gold prices fell during trading today, Thursday, amid the rise of the dollar against most of the major currencies, as well as the issuance of statements by Federal Reserve Chairman, "Jerome Powell."

The US Department of Labor unveiled that the unemployment claims were at 745,000 last week, better than forecasts of 750,000.

The department will unveil the monthly jobs report tomorrow, which provides insight on the US labor market and the unemployment rate during February.

Federal Reserve Chairman Jerome Powell said that he expects some inflationary pressures in the time ahead but they likely won't be enough to spur an interest rates hike.

The dollar index rose against a basket of major currencies by 0.7% to 91.6 points as of 19:46 GMT, after hitting a high of 91.6 points and a low of 90.9 points.

Gold April futures fell 0.9% or $15.1, and closed at $1,700.7 an ounce, with today’s high at $1,721.6, and the low at $1,687.6.