London — Gold swung higher on Thursday, snapping four sessions of losses as the dollar surrendered early gains, though the metal remained on track for its biggest weekly decline this year. The dollar had risen after minutes from the last US Federal Reserve meeting showed policymakers backed further interest rate increases but later eased into negative territory against the euro. Spot gold was 0.5% higher at $1,329.71 an ounce by 3.30pm GMT, off an earlier low of $1,320.61 but still down 1.8% this week. US gold futures were flat at $1,332.10. "The US dollar is losing some value and the euro is making a comeback," said Afshin Nabavi, head of trading at MKS. "I think the market went short on the back of yesterday’s FOMC (minutes). However a lack of follow-through (buying) below $1,320 ... once again brought some short-covering." The dollar index, which measures the greenback against a basket of major currencies, was down 0.4% at 89.678 after touching 90.235, its highest since February ...
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