Gold Falls On Better Than Expected Jobless Claims Data

CHICAGO, (APP - UrduPoint / Pakistan Point News - 6th Oct, 2023) Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as U.S. jobless claims data were better than expected.

The most active gold contract for December delivery fell 3.00 U.S. dollars, or 0.16 percent, to close at 1,831.80 Dollars per ounce.

The U.S. Labor Department reported Thursday that U.S. initial jobless claims ticked up slightly to 207,000 in the week ending Sept. 30. The median estimate by economists called for an increase to 210,000.

In remarks prepared for an event hosted by The Economic Club of New York on Thursday, San Francisco Fed President Mary Daly said U.

S. policymakers can hold interest rates steady if the labor market and inflation continue to cool or financial conditions remain tight.

"If we continue to see a cooling labor market and inflation heading back to our target, we can hold interest rates steady and let the effects of policy continue to work," she said.

Speaking separately on Thursday, Richmond Fed President Thomas Barkin said surging Treasury yields reflect strong economic data as well as heavy supply, adding that it's a return to a more normal rate seen in prior years.