Gold prices moved higher on Thursday as worries about global economic slowdown and continued uncertainty about U.S.-China trade negotiations prompted traders to trim positions in equity markets and seek the safe-haven asset.
The dollar’s weakness and the drop in yield on the 10-year U.S. Treasury note contributed as well to gold’s rise.
The dollar index eased to 98.16, down by about 0.22% from previous close of 98.37.
Gold futures for December ended up $10.10, or about 0.7%, at $1,473.40 an ounce, gaining for a second successive session.
On Wednesday, gold futures for December ended up $9.60, or 0.7%, at $1,463.30 an ounce, snapping a four-session losing streak.
Silver futures for December ended up $0.115 at $17.028 an ounce, while Copper futures for December settled at $2.6215 per pound, down $0.0180 from previous close.
Data showing slowing Chinese industrial output and retail sales, worsening employment situation in Australia and a painfully slow growth of Japan’s economy in the third quarter contributed to the yellow metal’s surge.
In economic news, data released by the Labor Department showed first-time claims for U.S. unemployment benefits increased by much more than expected in the week ended November 9th.
The report said initial jobless claims climbed to 225,000, an increase of 14,000 from the previous week’s unrevised level of 211,000. Economists had expected jobless claims to inch up to 215,000.
With the much bigger than expected increase, initial jobless claims reached their highest level since hitting 229,000 in the week ended June 22nd.
The material has been provided by InstaForex Company – www.instaforex.com
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