Gold prices fell on Thursday, losing for a second straight session, despite staying firm earlier in the day amid a weakening dollar and lower bond yields.
Gold prices surged higher earlier in the day amid concerns about a global recession, and on the dollar’s weakness.
However, gold prices turned weak as the dollar firmed as the session progressed.
The dollar index, which rose to a high of 101.91 around mid morning, pared some gains subsequently and was hovering around 101.60 a little while ago, gaining nearly 0.4%.
Gold futures for April ended lower by $12.00 or about 0.6% at $1,930.80 an ounce, coming off the session’s high of $1,975.20 an ounce.
Silver futures for March ended up $0.006 at $23.615 an ounce, while Copper futures for March settled at $4.0910 per pound, down $0.0200 from the previous close.
The Federal Reserve raised interest rate by 25 basis points on Wednesday and signaled further hikes in the coming months.
The European Central Bank and the Bank of England, both raised their interest rates by 50 basis points today.
Data released by the Labor Department today showed a modest decrease in first-time claims for U.S. unemployment benefits in the week ended January 28th.
The report said initial jobless claims edged down to 183,000, a decrease of 3,000 from the previous week’s unrevised level of 186,000. The dip surprised economists, who had expected jobless claims to climb to 200,000.
Jobless claims fell to their lowest level since hitting 181,000 in the week ended April 23, 2022.
A separate report released by the Labor Department showed U.S. labor productivity surged by more than expected in the fourth quarter of 2022.
The material has been provided by InstaForex Company – www.instaforex.com
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