Gold suffers setback as USD and Yields Blast Off
After a strong performance earlier in the week, gold prices were subdued on Thursday, falling roughly 0.5% to $1,967, undercut by soaring U.S. bond yields and U.S. dollar strength following better-than-expected economic figures in the United States.
In the morning, a Department of Labor report showed that the number of Americans filing for unemployment benefits unexpectedly declined in the week ended July 15, falling to 228,000 from the previous 237,000 versus the expected 242,000, registering the lowest level since mid-May, a sign that widespread layoffs are not yet occurring.
In the morning, a Department of Labor report showed that the number of Americans filing for unemployment benefits unexpectedly declined in the week ended July 15, falling to 228,000 from the previous 237,000 versus the expected 242,000, registering the lowest level since mid-May, a sign that widespread layoffs are not yet occurring.
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