Gold climbs over 1%, approaching $2,000 once more

Economies.com
2023-06-08 19:41PM UTC

Gold prices rose on Thursday as the dollar lost ground against most major rivals following data.

 

Gold was also boosted by the decline in US treasury yields, in turn boosting chances of no change in US monetary policies next week at the Federal Reserve's meeting. 

 

Earlier US data showed unemployment claims rallied to 261 thousand last week, the highest since October 2021, and up 28 thousand from the previous reading.

 

US Treasury Secretary Janet Yellen stated the US banking sector's liquidity remains good, and the US economy is in a good shape due to strong consumer spending, however she warned from pressures on the commercial real estate sector. 

 

She expects US authorities to carry on efforts to battle inflation in 2024 and 2024.

 

Otherwise, the dollar index fell 0.7% as of 20:20 GMT to 103.3, with a session-high at 104.07, and a low at 103.3.

 

Gold spot prices rose 1.03% as of 20:30 GMT, or $20.3 to $1,978.5 an ounce. 

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