Gold prices are hovering in the $1,950 range after retreating from a two-month high of 1962 in early Asian trading on Thursday.
The rise in the price of the precious metal is fueled by rising geopolitical tensions in the Middle East, which bolsters safe haven flows.
Meanwhile, the US dollar index rises to 106.55. US Treasury yields are higher, with the 10-year Treasury yield at 4.911 percent, the highest level since 2007, and the 2-year Treasury yield remaining at 5.229 percent.

On Wednesday, Fed officials reiterated their preference for keeping interest rates on hold. The comments boosted U.S. bond yields amid strong U.S. growth.

Christopher Waller said it was too early to tell whether further action on the policy rate was needed, while adding that the central bank could wait, watch and see before deciding on a policy path. While New York Federal Reserve Chairman John Williams said the central bank will need tighter monetary policy for some time to reduce inflation, and the path of monetary policy depends on the data.

In addition, the geopolitical conflict between Israel and Hamas remains in focus.
On Tuesday, Gaza authorities said an Israeli airstrike killed 500 people at a hospital in the Palestinian territory on Tuesday, while Israel said the damage was caused by a Palestinian attack.
The escalation of geopolitical tensions in the Middle East and uncertainty in the market can increase the demand for traditional safe assets such as gold.

Gold traders will watch U.S. jobless claims and the Philly Fed index and existing home sales due late Thursday. Federal Reserve Chairman Powell is also scheduled to speak. Market players take cues from the data and find trading opportunities around gold prices.

Technical outlook:
In the fifteen minute time frame, a neutral current is developing. Today the market is facing a key resistance at $1957.30 – $1955.40. Price remaining below this level increases the possibility of further correction of the price to the floor level of this pattern in the range of 1943-1942 dollars.
If the resistance of $1955.40 is broken, we expect the continuation of the upward trend to the targets of $1969 and 1972.