Gold Hits Five-Week High Level Despite Upbeat US Data
Aug, 21st 03:09
Gold futures saw their highest settlement in five weeks on Thursday, getting a lift from dovish Federal Reserve minutes as well as sharp stock-market declines in the U.S. and abroad that increased its haven appeal.
Gold for December delivery jumped $25.30, or 2.2%, to settle at $1,153.20 an ounce on Comex, adding to the $11 gain it scored on Wednesday. That was the highest settlement for a most-active contract since July 14.
Meanwhile U.S. economic data Thursday showed weekly jobless claims rose for a fourth straight week while the Philadelphia Fed’s index of business conditions rose more than expected. Home sales were stronger than expected, but the leading U.S. economic index fell 0.2% in July.