Gold rises after jobless data

barrick gold

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as jobless data brought investors to the precious metal as a safe haven.

The most active gold contract for June delivery rose 7.1 U.S. dollars, or 0.41 percent, to close at 1,745.4 dollars per ounce.

A report released on Thursday by the U.S. Department of Labor showed weekly jobless claims at a 4.43 million level for the week of April 18, a figure which was worse-than-expected and gave support to the precious metal. Investors remain concerned with the health of the global economy amid the coronavirus pandemic, which has caused turmoil in the markets.

Analysts note that governments are increasing spending on stimulus measures during coronavirus-induced lockdowns, increasing inflation concern, and investors have been very bullish on gold in general.

Other figures dampened gold, prevented it from further rising. The Dow Jones Industrial Average rose by 65.99 points, or 0.28 percent to a 23,541.81 level as of 17:50 GMT; the U.S. Dollar Index rose by 0.15 points, or 0.15 percent to a 100.54 level as of 17:50 GMT.

Silver for May delivery rose 2.2 cents, or 0.14 percent, to close at 15.357 dollars per ounce. Platinum for July delivery rose 22.7 dollars or 2.97 percent, to close at 788 dollars per ounce. Enditem

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