Gold closes higher, snaps 4-day losing streak
Gold prices rose on Thursday, and snapped a 4-day losing streak, on the US dollar's drop against its peers after the release of weak economic data.
The initial unemployment claims in the US fell to 861,000 last week, worse than forecasts of 775,000.
The markets are focused on the ongoing discussions between the White House and the US Congress over President Joe Biden's $1.9 trillion Covid-19 relief plan.
The dollar index fell against a basket of major currencies by 0.4% to 90.6 points as of 19:55 GMT, after hitting a high of 90.9 points and a low of 90.5 points.
Gold April futures rose 0.1% or $2.2, and closed at $1,775 an ounce, with today’s high at $1,788.8, and the low at $1,766.6.
Silver ends lower despite weaker US dollar
Silver futures closed lower on Thursday, despite the release of weak economic data and the US dollar's drop against its peers.
The initial unemployment claims in the US fell to 861,000 last week, worse than forecasts of 775,000.
The markets are focused on the ongoing discussions between the White House and the US Congress over President Joe Biden's $1.9 trillion Covid-19 relief plan.
The dollar index fell against a basket of major currencies by 0.4% to 90.6 points as of 20:50 GMT, after hitting a high of 90.9 points and a low of 90.5 points.
Silver March futures fell 0.9% or 24 cents, and closed at $27.078 an ounce, with today’s high at $27.595, and the low at $26.905.
US stocks close lower on weak data
US stock indices fell on Thursday, after the release of lower than expected economic data.
The initial unemployment claims in the US fell to 861,000 last week, worse than forecasts of 775,000.
The markets are focused on the ongoing discussions between the White House and the US Congress over President Joe Biden's $1.9 trillion Covid-19 relief plan.
To the oil market, WTI crude March futures fell 1% or 62 cents, and closed at $60.52 a barrel, after hitting a day high of $62.2 and a low of $60.3.
Brent April futures fell 0.8% or 41 cents, and closed at $63.93 a barrel, after hitting a high of $65.5 and a low of $63.6.
As for stocks, Dow Jones fell 0.4% or 119 points, and closed at 31,493, with a day high of 31,558, and a low of 31,285.
Nasdaq fell 0.7% or 100 points to 13,865, after hitting a high of 13,905 and a low of 13,714.
S&P 500 fell 0.4% or 17 points to 3,921, after hitting a high of 3,921 and a low of 3,885.
Oil pares some losses after US inventories drop
Oil prices fell on Thursday, but trimmed today's loss after a drop in the US crude inventories.
The US Energy Information Administration reported today that crude inventories fell 7.3 million barrels to 461.8 million barrels during the past week, beating forecasts of a drop by 3.4 million barrels.
While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 5.8 million barrels during the same period.
The dollar index fell against a basket of major currencies by 0.3% to 90.6 points as of 18:25 GMT, after hitting a high of 90.9 points and a low of 90.5 points.
As of 18:21 GMT, WTI crude March futures fell 0.7% to $60.7 a barrel, after hitting a day high of $62.2 and a low of $60.3.
Brent April futures fell 0.8% to $63.8 a barrel, after hitting a high of $65.5 and a low of $63.6.