Gold futures fell 5.90 dollars, investors eyeing US economic data.

gold futures price Close Thursday (Jan 13) down $5.90 as investors eye US economic data for signs of the direction of US interest rates.

Comex gold contract Delivered in Feb. It fell $5.90 to close at $1,821.40 an ounce.

Gold prices were pressured today on a rebound in US Treasury yields. This increases the opportunity cost of holding gold. Because gold is a non-interest-rewarding asset, the dollar’s depreciation limits the negative range of gold prices. by making gold contracts cheaper for holders of other currencies

The US Department of Labor said The Producer Price Index (PPI), a measure of inflation based on producer spending, jumped 9.7 percent in December year on year. This is the highest level since the data was collected in November 2010. But it was lower than analysts’ estimates of 9.8 percent after a 9.6 percent gain in November.

compared monthly The PPI rose 0.2% in December, below analysts’ forecast of 0.4%, after gaining 0.8% in November.

The basic PPI index Excluding food and energy, it rose 0.4% in December from month to month. That was 0.5% lower than analysts’ expectations after a 0.7% gain in November.

The Labor Department also said initial claims for unemployment benefits rose 23,000 to 230,000 last week. which is the highest level since November 2021 and the analysts are expected to drop to 200,000.

The number of first-time claims for unemployment benefits exceeded 215,000, the weekly average in the pre-COVID-19 pandemic in the United States.

Meanwhile, the US Department of Labor reported that The number of Americans who continued to claim unemployment benefits fell 194,000 to 1.56 million, the lowest level since June 1973.



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