Spot gold was up 0.7% at $4,379.95 per ounce by 1:40 p.m. EDT (1740 GMT). Prices declined 1.3% in the previous session on profit-taking after touching their highest level since June 5. Bullion is up around 0.9% for the week so far.
U.S. gold futures settled 0.4% higher at $4,437.30.
"The lower U.S. dollar index is a friendly outside market that's supporting gold today," said Jim Wyckoff, a market analyst at American Gold Exchange.
The U.S. dollar index slipped 0.3%, making greenback-priced bullion more affordable for buyers overseas. [USD/]
interest rates next month, with most analysts now seeing the central bank holding the current 3.50% to 3.75% range.
Lower interest rates tend to support non-yielding gold.
Meanwhile, transit through the Strait of Hormuz appeared to grind to a near-standstill after two more ships were attacked and the United States said it could maintain a naval blockade of Iran indefinitely.
Oil prices eyed weekly gains on the news. [O/R]
"If oil prices continue to rise, that's going to be a bearish element for the metals market because it would aid inflation and prompt central banks to raise interest rates," Wyckoff said.
Elsewhere, gold discounts in India widened to more than two-month highs. [GOL/AS]
Spot silver climbed 0.7% to $64.88 per ounce, platinum gained 1.8% to $1,746.97, and palladium added 1.1% to $1,320.93. Silver and platinum were poised for weekly gains, while palladium was set for a weekly loss.
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