The most active gold contract for August delivery rose 30.3 U.S. dollars, or 1.67 percent, to close at 1,849.9 dollars per ounce.
Sharp decline in U.S. stock indexes amid concerns about the economic outlook in the wake of the Federal Reserve's largest interest-rate hike since 1994 also supported gold.
Economic data released Thursday further supported gold. The U.S. Labor Department reported that U.S. initial jobless claims fell by 3,000 to 229,000 in the week ending June 11. The figure is higher than the market expectation of 215,000.
The U.S. Commerce Department reported that U.S. housing starts fell to 1.55 million in May, down 14.4 percent and the lowest level since April 2020.
Silver for July delivery rose 46.5 cents, or 2.17 percent, to close at 21.885 dollars per ounce. Platinum for July delivery rose 26.5 dollars, or 2.87 percent, to close at 951.1 dollars per ounce.
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