Gold prices drifted lower on Thursday as the dollar rebounded amid uncertainty about the U.S. lawmakers agreeing on a fiscal stimulus deal ahead of the presidential election.
The dollar index rose to 92.97 in late morning trades, and continued to hold gains. It was last seen at 92.92, up 0.33% from previous close.
Gold futures for December ended down $24.90 or about 1.3% at $1,904.60 an ounce, coming off the session’s low of $1,894.20.
Silver futures for December ended lower by $0.532 at $24.709 an ounce, while Copper futures for December settled at $3.1535 per pound, down $0.0450 from previous close.
Uncertainty about an agreement on a stimulus deal grew after President Donald Trump accused congressional Democratic leaders of blocking a new economic relief deal.
“Just don’t see any way Nancy Pelosi and Cryin’ Chuck Schumer will be willing to do what is right for our great American workers, or our wonderful USA itself, on Stimulus,” Trump posted to Twitter.
A report released by the Labor Department this morning showed a decrease in first-time claims for U.S. unemployment benefits in the week ended October 17th. The report said initial jobless claims fell to 787,000, a decrease of 55,000 from the previous week’s revised level of 842,000. Economists had expected jobless claims to drop to 860,000 from the 898,000 originally reported for the previous week.
A report from the Conference Board showed a slowdown in the pace of growth by its reading on leading economic indicators. The Conference Board said its leading economic index climbed by 0.7% in September after surging up by a revised 1.4% in August.
Economists had expected the index to rise by 0.6 percent compared to the 1.2 percent jump originally reported for the previous month.
The National Association of Realtors released a report showing a much bigger than expected spike in U.S. existing home sales in the month of September. The report said existing home sales soared by 9.4% to an annual rate of 6.54 million in September after jumping by 2% to a revised rate of 5.98 million in August.
The material has been provided by InstaForex Company – www.instaforex.com
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