Yahoo Finance Gold Prices Remain on the Downside after Mixed U.S. Data
Investing.com - Gold prices remained lower on Thursday, after a flurry of U.S. data painted a mixed picture of the strength of the economy, but losses were expected to remain limited as sentiment on the greenback remained globally negative.
Comex gold futures were down 0.80% at $1,328.40 a troy ounce by 08:40 a.m. ET (12:40GMT).
The U.S. Labor Department reported on Thursday that initial jobless claims fell by 31,000 to 220,000 last week from 261,000. Analysts had expected claims to fall to 250,000 last week.
A separate report showed that the number of U.S. housing starts fell more than expected in December, while building permits beat consensus.
Data also showed that manufacturing activity in the Philadelphia region deteriorated in January to the lowest level in five months.
The dollar has been pressured lower recently by concerns the global economic recovery will outpace U.S. growth and prompt other major central banks, including the European Central Bank to begin unwinding loose monetary policy at a faster pace.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.30% at 90.38, off the previous session's fresh three-year trough of 89.97.
Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.
Elsewhere on the Comex, silver futures dropped 0.53% to $17.03 a troy ounce.
Related Articles
OPEC sees more oil supply from rivals, countering its cuts and Venezuelan woes
