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Gold rises on disappointing jobless claims data

Tan KW
Publish date: Fri, 09 Jun 2023, 10:21 AM
Tan KW
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CHICAGO, June 8 -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as investors reacted to negative U.S. jobless claims report.

The most active gold contract for August delivery rose 20.20 U.S. dollars, or 1.03 percent, to close at 1,978.60 dollars per ounce.

The U.S. Labor Department reported Thursday that U.S. initial jobless claims rose by 28,000 to 261,000 in the week ending June 3, the biggest increase since July 2021 and exceeding economists' forecast.

The rise in jobless claims triggered market expectations that the Federal Reserve may not increase interest rates at its policy meeting next week, dampening U.S. dollar, which in turn supported gold.

The U.S. Commerce Department reported Thursday that U.S. wholesale inventories edged down 0.1 percent in April after dipping a revised 0.2 percent in March.

Traders now have their eyes on the U.S. inflation data on Tuesday, a day ahead of the Federal Reserve's monetary policy announcement.

Silver for July delivery rose 81.90 cents, or 3.48 percent, to close at 24.348 dollars per ounce. Platinum for July delivery fell 10.70 dollars, or 1.04 percent, to close at 1,013.90 dollars per ounce.


  - Xinhua


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