Gold rose over 1% on Thursday buoyed by a retreat in the dollar and U.S. bond yields, while grim U.S. jobless data clouded the outlook for an economic recovery, adding to the metal’s safe-haven appeal.
Spot gold rose 1.2% to $1,727.86 per ounce. Most markets will be closed for Good Friday on April 2. U.S. gold futures settled up 0.7% at $1,728.30.
The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, the Labor Department said.
“The higher initial claims than were expected could lead to more stimulus and a slower recovery,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago, adding a weakening dollar and softer yields are helping prices. Read more…..
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Michael Gayed, portfolio manager at Toroso Investments, spoke to Kitco News about warnings signals of a market correction.