Gold closes at 4-week high after Fed Chief's remarks
Gold prices rose on Thursday, as the US dollar fell against most majors after the release of weak US data, and gold hit a 1-month high following Federal Reserve Chairman Jerome Powell's statements.
Powell said today that the Fed wants to make sure there are strong signs on the US economic recovery before changing its current monetary policy, which includes near zero interest rates and asset purchases.
Data showed that the US unemployment claims rose to 744K during the past week, worse than forecasts of 684K.
The International Monetary Fund raised its projections for the US economy to grow by 6.4% in 2021 based on the Federal Reserve's forecasts.
The 10-year US Treasury bond yield fell to 1.641% today.
The dollar index fell against a basket of currencies by 0.4% to 92.07 points as of 18:17 GMT, after it hit a high of 92.4 points and a low of 92.0 points.
Gold June futures rose 1%% or $16.6, and closed at the highest level since February 25 at $1,758.2.
Brent trims gains, US crude turns lower
Oil prices saw mixed performance on Thursday, as the US crude pared its early gains, while the US dollar fell against most majors.
The Energy Information Administration reported today that the US crude inventories fell 3.5 million barrels to 498.3 million barrels last week, while analysts forecasts a rise by 700K barrels.
The International Monetary Fund raised its projections for the global GDP to grow by 6% in 2021.
The dollar index fell against a basket of currencies by 0.5% to 92.01 points as of 16:36 GMT, after it hit a high of 92.4 points and a low of 92.0 points.
As of 16:32 GMT, WTI crude April futures fell 0.1% to $59.6 a barrel, after hitting a high of $59.8 and a low of $58.8.
Brent May futures rose 0.2% to $63.2 a barrel, after hitting a high of $63.4 and a low of $62.3.
Copper rises on falling dollar amid global economic optimism
Copper prices rose on Thursday, as the US dollar fell against most majors amid optimism about the global economy.
The International Monetary Fund raised its projections for the global GDP to grow by 6% in 2021.
Countries around the world are ramping up their efforts to combat the Covid-19 pandemic with largescale vaccination campaigns and tight lockdown measures.
The IMF also estimated the US economy to grow to 6.4% in 2021 based on the Federal Reserve's forecasts.
The dollar index slipped against a basket of currencies by 0.3% to 92.1 points as of 13:32 GMT, after it hit a high of 92.4 points and a low of 92.1 points.
Copper May futures rose 0.6% to $4.07 per pound as of 13:30 GMT, after hitting a high of $4.09 and a low of $4.04
US stocks rise in early trading, shrug off weak data
Most of the US stock indices opened higher on Thursday, amid optimism about the US economic recovery despite the release of disappointing data.
Data showed that the US unemployment claims rose to 744K during the past week, worse than forecasts of 684K.
The International Monetary Fund raised its projections for the global GDP to grow by 6% in 2021.
The IMF also estimated the US economy to grow to 6.4% in 2021 based on the Federal Reserve's forecasts.
As for stocks, Dow Jones fell 0.2% or 64 points to 33,381 as of 13:58 GMT, Nasdaq rose 0.9% or 124 points to 13,813, and S&P 500 rose 0.2% or 9 points to 4,089.