Gold prices recover from 9-month low

Gold gained on Thursday as a pause in the dollar’s rally encouraged some investors to stop bargains after two sessions of heavy losses that sent prices to a nine-month low.

Spot gold rose 0.5% at $1,747.7 per ounce by 1414 GMT. U.S. gold futures rose 0.6% to $1,747.20.

The dollar hit a two-decade high, gaining 0.5% on Wednesday, as investors bought it as a preferred haven recently to hedge against mounting recession fears.

Yesteray, minutes of the Federal Reserve’s June meeting showed that a deteriorating inflation situation and concern about lost faith in the central bank’s power to rein it prompted the largest hike in U.S. interest rates in nearly three decades.