Gold trades higher after jobless claims hit 5-week peak, US rate outlook

Gold trades higher after jobless claims hit 5-week peak, US rate outlook

Prices of gold futures quoted higher on Thursday, recovering from a 2-week low as jobless claim in the U.S. last week rose to a 5-week peak and the prospects of higher US interest rates dented the demand for the metal.

On the Comex, gold futures delivery in August tacked on 70 cents, or 0.06%, to trade at $1,187.20 a troy ounce. Spot gold was little changed at $1,187.05 an ounce.

The Department of Labor of the United States said earlier that the number of jobless claims last week rose 7000-282000 total of 275,000 the previous week. Analysts had expected initial jobless claims to fall to 5000-270000 last week.

On Wednesday, gold hit $1,183.90, trades near 2-week low, before ending at $1,186.50, down $1.30, or 0.11%, as dollar turns higher.

Data on US weekly jobless claims and pending home sales due later on Thursday looked into trading signals.

Investors feared that the higher rates will deny the appeal of gold as it is a non-active paying interest. Solid data and a higher dollar decrease the demand for gold as a safe haven.

The rupee opened at 63.99 per dollar and touched a high and a low of 63.75 and 63.99, respectively, in intra-day trade, and closes stronger against dollar at 63.81.

Amid recovery in rupee, the domestic market is seeing pressure on gold. MCX gold price has gone down to Rs 26,900.

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Posted in Commodity, MCX, Stocks Market

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