Gold Pares-Back Recent Gains as Dollar Strengthens

SPDR Gold Shares (NYSE: GLD) and iShares Gold Trust (NYSE: IAU) as gold prices pare-back from multi-year highs.

On Wednesday, gold settled 1 percent lower to $1,248.30 per ounce, with the precious metal down another 1.2 percent today.

Lower prices are also influenced by a stronger dollar, as that would increase the price of the metal to outside investors. The dollar is up around 0.7 percent against a basket of 16 currencies today.

The CPI for March rose 0.1 percent, missing expectations of a 0.3 percent gain. Chinese exports also reported an expansion for March, which is the first time the metric has expanded in nine months.

Initial U.S. jobless claims were at 253,000 last week, lower than 270,000 expected.

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