WASHINGTON (dpa-AFX) - Gold futures settled higher on Thursday as the dollar turned weak ahead of U.S. personal income and spending data for the month of May. The report is expected to show a modest slowdown in the annual rate of consumer price growth and could have a significant impact on the outlook for interest rates.
The dollar index, which drifted down to 105.71, recovered to 105.89, but still remained weak, down 0.16% from Wednesday's close.
Gold futures for July ended up by $23.50 or about 1.02% at $2,324.50 an ounce.
Silver futures for July settled lower by $0.012 at $28.918 an ounce, while Copper futures for July dropped to $4.3240 per pound, down $0.0460 or 1.05% from the previous close.
A report from the Labor Department showed first-time claims for U.S. unemployment benefits fell by more than expected in the week ended June 22nd, dropping to 233,000, a decrease of 6,000 from the previous week's revised level of 239,000.
Economists had expected jobless claims to edge down to 236,000 from the 238,000 originally reported for the previous week.
The U.S. economy grew by slightly more than previously estimated in the first quarter of 2024, according to a report released by the Commerce Department. The report said gross domestic product jumped by 1.4% in the first quarter compared to the previously estimated 1.3% increase.
Another data from the Commerce Department said durable goods orders inched up by 0.1% in May after rising by a downwardly revised 0.2% in April. Economists had expected durable goods orders to slip by 0.1% compared to the 0.6% increase that had been reported for the previous month.
Excluding an increase orders for transportation equipment, durable goods orders edged down by 0.1% in May after climbing by 0.4% in April. Ex-transportation orders were expected to rise by 0.2%.
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