WASHINGTON (dpa-AFX) - Gold prices climbed higher on Thursday, lifting the most active futures contract to a near 3-week closing high on the first trading session of Year 2025.
Persisting concerns on the geopolitical front, and tariffs threats by the U.S. supported gold prices.
Gold prices surged despite the dollar's rise to fresh multi-year highs. The dollar index climbed to 109.53 before easing slightly to 109.40, still firmly place above the flat line with a gain of more than 0.8%.
Gold futures for January closed up $29.70 or about 1.13% at $2,658.90 an ounce, the highest settlement since December 12, 2024.
Silver futures for January ended higher by $0.682 or about 2.36% at $29.622 an ounce, recording the largest single-session gain in both dollar and percentage terms in nearly a month.
Copper futures for January were roughly flat at $3.9885 per pound.
Data from the Labor Department report showed an unexpected decline by weekly jobless claims seemingly provides support for the Federal Reserve's measured approach to lowering interest rates.
The report said initial jobless claims slipped to 211,000 in the week ended December 28th, a decrease of 9,000 from the previous week's revised level of 220,000.
Economists had expected claims to inch up to 222,000 from the 219,000 originally reported for the previous week.
With an uptick by spending on private construction offset by a dip in spending on public construction, the Commerce Department released a report on Thursday showing U.S. construction spending was virtually unchanged in the month of November. The Commerce Department construction spending crept up by less than a tenth of a percent to an annual rate of $2.153 trillion in November.
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