CHICAGO, Nov. 30 -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as the U.S. dollar strengthened.
The most active gold contract for February delivery fell 9.90 U.S. dollars, or 0.48 percent, to close at 2,057.20 dollars per ounce.
The U.S. Commerce Department reported Thursday that the U.S. core personal consumption expenditures (PCE) price index, excluding food and energy prices, rose 0.2 percent in October and 3.5 percent on a year-over-year basis, both in line with expectations.
U.S. inflation rise in October in line with market estimates possibly gave the Federal Reserve more incentive to hold rates steady and perhaps start cutting in 2024. The U.S. dollar index and Treasury yields rose following the data, dampening gold.
In a speech to the Bretton Woods Committee conference in New York on Thursday, New York Fed President John Williams said that the Federal Reserve's benchmark interest rate may have already hit its peak level, as it is now putting more downward pressure on the economy than at any time in the last 25 years.
Other economic data released Thursday were mixed. The U.S. Labor Department reported that U.S. weekly jobless claims rose by 7,000 to 218,000 in the week ending Nov. 25.
The National Association of Realtors reported that U.S. pending home sales fell by 1.5 percent in October to the lowest level since the association began tracking them in 2001.
The Chicago Business Barometer, also known as the Chicago PMI, climbed to 55.8 in November from 44 in October, well above market forecasts of 45.4.
Silver for March delivery rose 21.70 cents, or 0.85 percent, to close at 25.66 dollars per ounce. Platinum for January delivery fell 5.50 dollars, or 0.58 percent, to close at 935.90 dollars per ounce.
- Xinhua
Created by Tan KW | Sep 01, 2024
Created by Tan KW | Sep 01, 2024
Created by Tan KW | Sep 01, 2024
Created by Tan KW | Sep 01, 2024