Gold futures settled 0.5% higher on Thursday at $1,343.70/oz as the ongoing rhetoric of a summer interest rate cut out of the Fed boosted investor interest in the yellow metal.

The U.S. Dollar Index stood virtually unchanged at 96.99.

U.S. stocks closed higher on Thursday, following back-to-back losses for major indexes, as investors monitored a sharp jump in oil futures after two oil tankers were damaged in suspected attacks off the coast of Iran. Investors continue to point to developments around U.S.-China tensions as a risk for global equities.

Among economic data expected for the day, the number of Americans applying for jobless benefits in the week ended June 8 rose to 222,000 from 219,000 a week earlier. Market had forecast 218,000.

Separately, the cost of imported goods fell 0.3% last month, the Labor Department said Thursday.