Gold prices moved higher on Thursday as the dollar weakened and the yield on long-term bonds dropped.
The dollar index dropped to 90.90, giving up nearly 0.5%, sliding gradually after advancing to 91.38.
Gold futures for June ended up by $31.40 or about 1.8% at $1,815.70 an ounce, the highest settlement since February 12.
Silver futures for July ended higher by $0.955 at $27.477 an ounce, while Copper futures for July settled at $4.6025 per pound, gaining $0.0785 in the session.
Data released by the Labor Department showed first-time claims for U.S. unemployment benefits fell by much more than expected in the week ended May 1st.
The report said initial jobless claims slid to 498,000, a decrease of 92,000 from the previous week’s revised level of 590,000. Economists had expected initial jobless claims to edge down to 540,000 from the 553,000 originally reported for the previous week.
The bigger than expected decrease once again dragged jobless claims down their lowest level since the early days of the coronavirus pandemic.
Another report from the Labor Department showed labor productivity rebounded by more than expected in the first quarter of 2021.
The report said labor productivity spiked by 5.4% in the first quarter after tumbling by a revised 3.8% in the fourth quarter of 2020. Economists had expected productivity to surge up by 4.3% compared to the 4.2% nosedive that had been reported for the previous quarter.
The material has been provided by InstaForex Company – www.instaforex.com
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