Gold futures ended lower on Thursday, extending losses to a third straight session as the dollar stayed positive for much of the day’s session.
The continued surge in coronavirs cases and worries about the economic impact of fresh lockdown restrictions pushed up greenback. Increasing prospects for a no-deal Brexit too supported dollar’s uptick.
The dollar index, which advanced to 92.72 in the Asian session, pared gains subsequently and was last seen at 92.35, up just marginally from previous close.
Gold futures for December ended down $12.40 or about 0.7% at $1,861.50 an ounce.
Silver futures for December ended lower by $0.400 at $24.048 an ounce, while Copper futures for December settled at $3.2020 per pound, gaining $0.0040.
In economic news, data from U.S. Labor Department showed initial jobless claims climbed to 742,000 in the week ended November 14, an increase of 31,000 from the previous week’s revised level of 711,000.
The rebound came as a surprise to economists, who had expected jobless claims to edge down to 707,000 from the 709,000 originally reported for the previous week.
Philadelphia-area manufacturing activity has seen continued growth in the month of November, the Federal Reserve Bank of Philadelphia revealed in a report on Thursday, although the pace of growth slowed compared to the previous month.
The report said the Philly Fed Index pulled back to 26.3 in November after spiking to 32.3 in October, but a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to drop to 22.0.
A report released by the National Association of Realtors showed existing home sales jumped by 4.3% to an annual rate of 6.85 million in October after soaring by 9.9% to a revised rate of 6.57 million in September. Economists expected existing home sales to slump by 1.4%.
A reading on leading U.S. economic indicators increased in line with economist estimates in the month of October, according to a report released by the Conference Board. The CB said its its leading economic index climbed by 0.7% in the month, matching the increase seen in the previous month as well as expectations.
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