22.06.201707:56:00UTC+00Gold Stable As Stocks Wobble Thursday Morning

Gold futures rose Thursday morning, improving slightly from 5-week lows seen earlier in the week. August gold was up $6 at $1252 an ounce.

The precious metal's safe haven appeal is apparent over the past two sessions, as stocks show signs of fatigue after a run to record highs.

The collapse in oil prices has rattled investors in some key sectors, while geopolitical tensions and terrorist incidents give little hope for smooth sailing the rest of the year.

However, gold will have trouble finding a sustained rally as long as the Federal Reserve continues to signal four more interest rate hikes by the end of 2018.

In an interview with the Financial Times yesterday, Philadelphia Fed President Patrick Harker said the September meeting could be the appropriate time to begin the process of shrinking the Fed's balance sheet.

The Conference Board's Leading Indicators for May will be issued at 10.00 am ET. The forecasters expects no changes from the previous month.