Gold bounces back to around $1,010

Spot gold rallied to trade around $1,010 on Thursday as the precious metal continued to look to the dollar for direction, though a sense of caution prevailed due to the threat of heavy liquidation of futures positions.

Spot gold -- which fell in the previous session after the dollar turned higher -- is currently down about 1 percent from the 18-month high of $1,023.85 hit last Thursday.

"The trend of a strong euro and weak dollar is what's keeping the price of gold above $1,000," said Shuji Sugata, a manager at the Mitsubishi Corp Futures & Securities research team.

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