NEW YORK—Gold futures were near steady after erasing slight losses as the U.S. dollar eased from the day's highs.
The most-actively traded contract for August delivery was recently up $2.60, or 0.2%, at $1,237.40 an ounce on the Comex division of the New York Mercantile Exchange.
"We're watching the dollar," said Frank Lesh, broker and analyst with FuturePath Trading in Chicago.
The metal was able to find some support as the euro pared losses after better-than-expected monthly U.S. durable goods and weekly initial jobs claims data soothed investors worried about the economic recovery.
A weaker dollar tends to support gold prices by making the dollar-denominated metal less expensive for buyers using other currencies, helping demand.
The euro recently was up 0.3% and the ICE Futures U.S. Dollar Index was down 0.02% after government data showed U.S. initial claims for jobless benefits fell more than expected and durable-goods orders declined less than forecast.
Write to Matt Whittaker at matt.whittaker@dowjones.com
