Gold Futures Close Modestly Higher As Dollar Retreats
Gold futures rebounded from early weakness and two-month lows on Thursday and snapped a three-day losing streak due largely to some bargain hunting and a slightly weaker dollar.
The dollar index advanced to 94.59 a little before noon but dropped to 94.20 later in the session. It was last seen at 94.28, down more than 0.1% from the previous close.
A continued surge in coronavirus in several countries across Europe and uncertainties surrounding the U.S. presidential election and a U.S. stimulus package lifted the greenback in recent sessions.
Gold futures for December ended up $8.50 or about 0.5% at 1,876.90 an ounce
Silver futures for December edged up $0.091 or 0.4% to $23.196 an ounce, while Copper futures for December closed lower by $0.0250 or about 0.8% at $2.9680 per pound.
Data released by the Labor Department this morning showed an unexpected uptick in first-time claims for U.S. unemployment benefits in the week ended September 19th.
The data said initial jobless claims inched up to 870,000, an increase of 4,000 from the previous week’s revised level of 866,000. Economists had expected jobless claims to drop to 843,000 from the 860,000 originally reported for the previous week.
Meanwhile, the Labor Department said the less volatile four-week moving average fell to 878,250, a decrease of 35,250 from the previous week’s revised average of 913,500.
A separate report released by the Commerce Department showed new home sales jumped by 4.8% to an annual rate of 1.011 million in August after skyrocketing by 14.7% to an upwardly revised rate of 965,000 in July. Economists had expected new home sales to pull back by 1.2%.
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