Gold Prices Declines to Lowest in 3 Weeks after U.S. Economic Data

Gold Prices Declines to Lowest in 3 Weeks after U.S. Economic Data

Gold futures prices fell to a three-week low on Thursday, causing overnight losses following the release of optimistic US economic data and investors continued to digest the Federal Reserve’s tough message.

Comex gold futures were at $1,255.37 a troy ounce, down $20.72. Meanwhile spot gold fell to $ 1,257.77 per ounce in early European trade.

Gold prices touched their lowest since May 24 at $1,252.70 earlier in the session.

At the Multi Commodity Exchange, gold prices for delivery in August was trading lower by Rs 169 to Rs 28,861 per 10 grams

The Labor Department said that the US initial jobless claims in the week ended June 10 fell by 8000 to 237 000 for a total of 245 thousand last week. Analysts had expected a drop in unemployment claims increased by 3,000 to 242,000 last week.

Separately, the Philadelphia Fed said the manufacturing index fell to 27.6 this month from May’s reading of 38.8. Analysts had expected the index to fall to 24.0.

Meanwhile, the Empire State Industrial Index rose to 19.80 in June from -1.00 the previous month, compared with expectations for a 4.00 reading.

The data came a day after the Federal Reserve raised interest rates for the second time this year, placing them in a range of 1.0% -1.25%. The central bank has kept its expectations of raising interest rates again this year, as it is expected that raising the labor market will raise inflation to a target of 2% in the medium term.

The Fed also gave more details on how to plan to reduce its overall budget of $ 4.5 trillion.

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