Gold futures settled higher on Thursday, recovering after early weakness as traders looked ahead to the outcome of the Jackson Hole symposium for clues on the timing of a tapering of monetary stimulus.
Fed Chairman Jerome Powell is expected to indicate that the central bank will slow monthly purchases of Treasury and mortgage-backed securities.
However, a firm dollar limited the yellow metal’s upside. The dollar index climbed to 93.08, gaining nearly 0.3%.
Gold futures for December ended up by $4.20 or about 0.2% at $1,795.20 an ounce, well off the session’s low of $1,781.30.
Silver for September ended lower by $0.225 or about 1% at $23.550 an ounce, while the most active Copper futures contract for December, settled at $4.2595, down $0.0165 or 0.4% from the previous close.
On the economic front, first-time claims for U.S. unemployment benefits edged slightly higher in the week ended August 21st, according to a report released by the Labor Department.
The report said initial jobless claims inched up to 353,000, an increase of 4,000 from the previous week’s revised level of 349,000. Economists had expected jobless claims to tick up to 350,000 from the 348,000 originally reported for the previous week.
In economic news from eurozone, a survey showed that the outlook amongst consumers in Germany is deteriorating heading into September.
Gfk forward looking consumer confidence index dropped from -0.4 to -1.2, marking the worst reading in three months as accelerating inflation and rising COVID-19 cases made consumers more hesitant to buy.