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Gold prices settled higher on Thursday, extending gains from the previous session as traders sought the safe haven commodity after the resignation of Dominic Raab dealt a blow to British Prime Minister Theresa May's Brexit plans. The Ireland minister Shailesh Vara too announced his resignation.
The surprise resignation of the Brexit Secretary followed a tense, five-hour meeting of the cabinet the previous day, during which May won approval for the draft Brexit deal.
Earlier, European Council President Donald Tusk called a summit for leaders to sign off the agreement on Nov. 25 unless "something extraordinary happens."
Gold futures rose today despite the U.S. dollar gaining ground against major currencies, particularly against the euro and pound sterling. The dollar index was up by about 0.4% at 97.03.
Gold futures for December ended up $4.90, or 0.4%, at $1,215.00 an ounce. On Wednesday, gold futures ended up $8.70, or 0.7%, at $1,210.10 an ounce, snapping a four-day losing streak.
Silver futures for December closed up by $0.183, at $14.263 an ounce.
Copper futures for December ended up $0.0365, at $2.7465 per pound.
Gold prices saw several weak sessions recently as the dollar was gaining in strength amid expectations the Federal Reserve will keep raising interest rates gradually next year and in 2020 as well. The next rate hike is expected in December.
In economic news today, data from the Commerce Department said retail sales in the U.S. increased by 0.8% in October following a revised 0.1% dip in September. Economists had expected retail sales to climb by 0.5% compared to the 0.1% uptick originally reported for the previous month.
Excluding a jump in auto sales, retail sales still rose by 0.7% in October after edging down by 0.1% in September. Ex-auto sales had been expected to increase by 0.5%.
Meanwhile, closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, rose by 0.3% in October, matching the downwardly revised increase in September.
A separate report from the Labor Department showed initial jobless claims inched up to 216,000 in the week ended November 10th, an increase of 2,000 from the previous week's unrevised level of 214,000. Economists had expected jobless claims to edge down to 212,000.
The Labor Department also released a report showing import and export prices both rose by more than expected in the month of October. While import prices were up 0.5% in the month, after rising by a downwardly revised 0.2% in September, export prices increased by 0.4% in October, after coming in unchanged a month earlier. Economists had expected both import and export prices to tick up by 0.1%.
