WASHINGTON (dpa-AFX) - Gold prices climbed to record highs on Thursday amid rising geopolitical tensions, and continued optimism about monetary easing by central banks.
A somewhat steady U.S. dollar limited gold's gains. The dollar index, which climbed to 104.73 in the European session, briefly slipped below the flat line around mid morning, but recovered to 104.48 later, recording a gain of about 0.12%.
Hawkish comments from Fed Governor Christopher Waller supported the dollar. Waller told a conference in New York that it is appropriate to reduce the overall number of rate cuts or push them further into the future in response to the inflation readings in the past two months.
Gold futures for June ended higher by $25.70 at $2,238.40 an ounce. Gold futures gained nearly 9% in March, and added more than 13% in the January - March 2024 quarter.
Silver futures for May ended up by $0.164 at $24.916 an ounce, while Copper futures for May settled at $4.0070 per pound, gaining $0.0070.
Data from the Labor Department showed initial jobless claims dipped to 210,000 in the week ended March 23rd, a decrease of 2,000 from the previous week's revised level of 212,000. Economists had expected jobless claims to rise to 215,000 from the 210,000 originally reported for the previous week.
Revised data from the Commerce Department showed real gross domestic product surged by 3.4% in the fourth quarter compared to the previously reported 3.2% jump. Economists had expected the pace of GDP growth to be unrevised.
A report from The National Association of Realtors (NAR) said its pending home sales index shot up by 1.6% to 75.6 in February after plunging by 4.7% to a revised reading of 74.4 in January.
Economists had expected pending home sales to jump by 1.5% compared to the 4.9% nosedive originally reported for the previous month.
The University of Michigan's report said the consumer sentiment index for March was upwardly revised to 79.4 from the preliminary reading of 76.5. Economists had expected the reading to be unrevised.
The Commerce Department's report on personal income and spending is due on Friday. While the inflation data could impact the outlook for interest rates, traders will have to wait until next Monday to react to the report due to the markets being closed for Good Friday.
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