Gold Futures Close Sharply Lower

Trading 11 avr 2019 Donner votre avis

Gold prices declined sharply on Thursday, a day after surging to a more than 2-week high. The dollar's rise after data showed jobless claims in the U.S. to have fallen to their lowest level in five decades triggered the sell-off in gold futures.

The dollar index rose to 97.15, gaining more than 0.2%.

Gold futures for June ended down $20.60, or 1.6%, at $1,293.30 an ounce, the lowest settlement so far this month.

On Wednesday, gold futures ended up $5.60, or 0.4%, at $1,313.90 an ounce.

Silver futures for May ended down $0.377, at $14.867 an ounce, while Copper futures for May settled at $2.8870 per pound, down $0.0385 from previous close.

The Labor Department's report said initial jobless claims fell to 196,000, a decrease of 8,000 from the previous week's revised level of 204,000.

The drop surprised economists, who had expected jobless claims to rise to 211,000 from the 202,000 originally reported for the previous week.

Another report released by the Labor Department on Thursday showed a spike in energy prices contributed to a bigger than expected increase in U.S. producer prices in the month of March.

The Labor Department said its producer price index for final demand climbed by 0.6% in March after inching up by 0.1% in February. Economists had expected prices to rise by 0.3%.

The bigger than expected increase in producer prices came as energy prices skyrocketed by 5.6% in March following a 1.8% jump in February. Gasoline prices soared by 16%.

The report also showed a rebound in food prices, which rose by 0.3% in March after falling by 0.3% in the previous month.

Compared to the same month a year ago, producer prices were up by 2.2% in March, reflecting an acceleration from the 1.9% increase in February.

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