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Gold futures snap 4-day losing streak, end sharply higher
Gold prices surged higher on Thursday, snapping a four-day losing streak, despite a stronger dollar.
Mounting signs of a deep recession due to rapidly surging coronavirus infections, and data showing a big jump in unemployment claims for a second successive week due to the coronavirus outbreak triggered safe-haven buying in the commodity. The dollar index rose to 100.37 this afternoon, gaining about 0.65%.
Gold futures for June ended up $46.30, or about 2.9%, at $1,637.70 an ounce, slightly off the day's high of $1,641.00.
On Wednesday, gold futures ended down $5.20, or about 0.3%, at $1,591.40 an ounce.
Silver futures for May ended up $0.670 at $14.654 an ounce, while Copper futures for May settled higher by $0.0440 at $2.2185 per pound.
In economic news, data from the Labor Department said initial jobless claims skyrocketed to 6.648 million, an increase of 3.341 million from the previous week's revised level of 3.307 million.
With another record-breaking increase, the number of seasonally adjusted initial claims reached the highest level in the history of the seasonally adjusted series.
In the past two weeks, nearly 10 million people have filed for unemployment, which economists say translates to an unemployment rate of about 10%.
A report from the Commerce Department showed the U.S. trade deficit narrowed to $39.9 billion in February from a revised $45.5 billion in January. Economists had expected the deficit to narrow to $40.0 billion from the $45.3 billion originally reported for the previous month.
The narrower deficit came as the value of imports plunged by 2.5% to $247.5 billion, while the value of exports fell by 0.4% to $207.5 billion.
Another report released by the Commerce Department showed new orders for U.S. manufactured goods were virtually unchanged in the month of February. The report said factory orders edged down by less than a tenth of a percent to $497.4 billion in February after falling by 0.5% to $497.5 billion in January. Economists had expected orders to rise by 0.2%.
The dollar index rose to 100.37 this afternoon, gaining about 0.65%.
Gold futures for June ended up $46.30, or about 2.9%, at $1,637.70 an ounce, slightly off the day's high of $1,641.00.
On Wednesday, gold futures ended down $5.20, or about 0.3%, at $1,591.40 an ounce.
Silver futures for May ended up $0.670 at $14.654 an ounce, while Copper futures for May settled higher by $0.0440 at $2.2185 per pound.
In economic news, data from the Labor Department said initial jobless claims skyrocketed to 6.648 million, an increase of 3.341 million from the previous week's revised level of 3.307 million.
With another record-breaking increase, the number of seasonally adjusted initial claims reached the highest level in the history of the seasonally adjusted series.
In the past two weeks, nearly 10 million people have filed for unemployment, which economists say translates to an unemployment rate of about 10%.
A report from the Commerce Department showed the U.S. trade deficit narrowed to $39.9 billion in February from a revised $45.5 billion in January. Economists had expected the deficit to narrow to $40.0 billion from the $45.3 billion originally reported for the previous month.
The narrower deficit came as the value of imports plunged by 2.5% to $247.5 billion, while the value of exports fell by 0.4% to $207.5 billion.
Another report released by the Commerce Department showed new orders for U.S. manufactured goods were virtually unchanged in the month of February. The report said factory orders edged down by less than a tenth of a percent to $497.4 billion in February after falling by 0.5% to $497.5 billion in January. Economists had expected orders to rise by 0.2%.
