The price of gold was steady above the $1,400-mark Thursday morning, with the US dollar continuing to move lower ahead of jobs data, due out Friday.
Gold for August delivery, the most actively traded contract, moved up $6.30 to $1,404.80 an ounce. Yesterday, gold settled almost flat as the dollar weakened against a basket of major currencies and global equity markets declined, with some soft private sector jobs data out of the U.S. Investors also weighed declining physical demand from India, the world's largest gold consumer, after further restrictions were imposed on import of the precious metal by the Reserve Bank of India.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,010.45 tons.
Meanwhile, the U.S. dollar was lingering around its one-month low versus the euro, the Swiss franc, and sterling. The buck was leveling off from its 4 year high versus the yen.
In economic news, the Bank of England held its interest rate at 0.50 percent and quantitative easing unchanged at GBP 375 billion, as widely expected.
German factory orders declined 2.3 percent in April from a month ago, offsetting March's 2.3 percent increase, the Ministry of Economics and Technology said. The decline was sharper than the expected 1 percent drop. Domestic orders slipped 3.2 percent and the decrease in foreign orders came in at 1.5 percent.
Switzerland's consumer prices declined 0.5 percent year-on-year in May, after easing 0.6 percent each in April and March, the Federal Statistical Office reported. Economists were forecasting the consumer price index to fall by 0.6 percent again in May.
The European Central Bank is set to announce its rate decision at 7.45 am ET. The bank is expected to retain its refi rate after cutting it by 25 basis points to a record low 0.50 percent in May. ECB President Mario Draghi is set to hold his customary post-decision press conference at 8.30 am ET.
Elsewhere, the prices of silver and platinum were trading flat in morning deals.
From the U.S., the Labor Department will release its weekly jobless claims data at 8.30 a.m. ET. Economists expect the claims to ease to 354,000 in the weekended June 01 from 354,000 reported last week.
