Dollar hits highest level in two decades
Weekly jobless claims fell 5,000 to 180,000
Silver hits lowest level since earlyFeb

April 28 Reuters Gold prices inched lower on Thursday, hovering close to a 10week trough touched earlier, as a robust dollar overshadowed jitters over contraction in U.S. economic growth in the first quarter.

Spot gold was down 0.1 at 1,884.70 at 1457 GMT. It hit 1,871.81, its lowest level since Feb. 17 earlier in the session. U.S. gold futures eased 0.2 to 1,885.20.

The gold prices were positive for a bit after the negative U.S. GDP number that initially sparked some ideas that maybe the Federal Reserve can39;t be as aggressive on its monetary policy tightening, said Kitco senior analyst Jim Wycoff.

It has lately been more downside for gold as the U.S. dollar index hits highs and bond yields rise … The economy remains in pretty good shape and inflation needs to be brought under control.

The U.S. economy unexpectedly contracted in the first quarter amid a resurgence in COVID19 cases and a drop in pandemic relief money from the government, while domestic demand remained strong. Meanwhile, weekly jobless claims fell 5,000 to 180,000.

Gold has declined about 2.7 this month, which could be its biggest monthly fall since September, on expectations of an aggressive monetary policy tightening by the U.S. Federal Reserve and a stronger dollar.

The dollar index rallied on Thursday to its highest level since December 2002 amid widespread…