Gold Futures Settle Higher As Dollar Weakens
Gold prices edged higher on Wednesday, rebounding from recent losses, after the dollar weakened against most of its peers amid signs of progress in Brexit trade talks.
The dollar index, which fell to 90.16 around mid morning, was last seen at 90.40, down nearly 0.3% from previous close.
Gold futures for February ended up $7.80 or about 0.4% at $1,878.10 an ounce.
Silver futures for March closed stronger by $0.386 at $25.921 an ounce, while Copper futures for March settled at $3.5560 per pound, gaining $0.0360.
In economic news today, first-time claims for U.S. unemployment benefits showed a significant pullback in the week ended December 19th, the Labor Department revealed in a report.
The report said initial jobless claims slid to 803,000, a decrease of 89,000 from the previous week’s revised level of 892,000. Economists had expected jobless claims to come in unchanged compared to the 885,000 originally reported for the previous week.
Data from the Commerce Department showed durable goods orders climbed by 0.9% in November after spiking by an upwardly revised 1.8% in October. Economists had expected durable goods orders to rise by 0.6% compared to the 1.3% jump that had been reported for the previous month.
Another report from Commerce Department said personal income slumped by 1.1% in November after falling by a revised 0.6% in October. Economists had expected personal income to dip by 0.3% compared to the 0.7% drop originally reported for the previous month.
The National Association of Realtors released a report on Tuesday that showed existing home sales in the United States pulled back in the month of November.
The Conference Board’s report on Tuesday showed consumer confidence in the U.S. has unexpectedly decreased in the month of December.