Gold futures fell nearly one percent in American trade to July 11, 2017 lows, as the dollar index rose to July 14 highs, following earlier data from the US, and after the conclusion of Federal Reserve Chair Jerome Powell's Congressional testimony yesterday. 

As of 02:12 GMT, gold futures due on August 15 fell 0.92% to $1,216.60 an ounce from the opening of $1,227.90, marking year lows, while the dollar index rose 0.42% to 95.49 from the opening of 95.08, touching one-year highs. 

Earlier US data showed unemployment claims fell 8 thousand to 207 thousand from 215K, beating expectations of 220K, while continuing claims for the week ending July 7 rose 8 thousand to 1.751 million from 1.743 million, missing estimates of 1.729 million. 

The Philly Fed Manufacturing Index rose to 25.7 in July from 19.9 in June, beating estimates of 21.6, while the CB leading index rose 0.5% in June, beating estimates of 0.4%, and compared to May's no-change. 

In his two-day testimony before the two chambers of Congress, Fed Chair Jerome Powell pointed to strong economic growth this year with continued improvement in the labor market and inflation rates, while cautioning from short-term consequences to trade protectionism. 

World Gold Council 

Recently, the World Gold Council reported a 7% drop in global demand in the first quarter of 2018 to 973.5 tonnes, the lowest since the first quarter of 2008, as investments fell 27% on the precious metal to 287 tonnes from 383 tonnes in the first quarter of 2017. 

Central banks' gold demand rose 42% to 116.5 tonnes, especially from Russia, while jewelry demand steadied at 487.7 tonnes, as mine supplies grew 1% y/y to 770 thousand tonnes. 

Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, steadied at 794.01 tonnes, on Wednesday the lowest since August 14, after gold prices marked a 5.4% loss in the second quarter of the year. 

Palladium prices fell over two percent in American trade to August 7 lows, while the dollar index hit July 14, 2017 highs, following earlier employment and industrial data from the US, the world's largest economy. 

As of 01:49 GMT, palladium tumbled 2.09% to $889.87 an ounce from the opening of $908.86, marking year lows, while the dollar index rose 0.38% to 95.45 from the opening of 95.08, hitting year highs. 

Earlier US data showed unemployment claims fell 8 thousand to 207 thousand from 215K, beating expectations of 220K, while continuing claims for the week ending July 7 rose 8 thousand to 1.751 million from 1.743 million, missing estimates of 1.729 million. 

The Philly Fed Manufacturing Index rose to 25.7 in July from 19.9 in June, beating estimates of 21.6.

Bitcoin rose modestly on Thursday on track for the sixth daily profit in a row, settling firmly above $7,000 and nearing six-week highs hit yesterday, as investors buy up cheap crypto assets after a spate of positive news for the market. 

At Bitstamp and as of 09:40 GMT, Bitcoin rose $16, or 0.2% to $7,400 from the opening of $7,310, with an intraday high at $7,420, and a low at $7,278. 

Bitcoin rose one percent on Wednesday, the fifth profit in a row, marking the longest such streak since December 2017, and hitting six-week highs at $7,600. 

Market value of cryptocurrencies rose $3 billion on Thursday to $290 billion, after touching $300 billion yesterday, the highest since June 12. 

A string of positive news for the market buoyed risk appetite and added over $50 billion of market value to cryptocurrencies this week alone. 

BlackRock to Trade Crypto? 

BlackRock, the world's biggest assets manager, is reportedly looking into investment options in cryptocurrencies and blockchain technologies. 

Financial News reported that BlackRock formed a team from various units at the company to look into cryptocurrencies, with an eye on investing in Bitcoin futures in particular. 

South Korea Opens Up  

South Korean government announced plans to give more tax benefits to start-up companies that focus on new technologies, including blockchain. 

Regulators are also putting up new guidelines for classifying the blockchain industry, expected to be revealed by the end of the month.  

Dollar tilted lower in Asian trade away from January 9 highs against yen, following earlier data from Japan, and ahead of US employment data and after the conclusion of Federal Reserve Chair Jerome Powell's Congressional testimony. 

As of 06:03 GMT, USD/JPY fell 0.06% to 112.79 from the opening of 112.86, with an intraday low at 112.65, and a high at 112.89. 

Earlier Japanese data showed the Adjusted Merchandise Trade Balance with a surplus of 0.07 trillion yen in June, compared to a deficit of 0.30 trillion in May, while analysts expected a 0.15 trillion surplus.  

US Data

Now markets await US data on unemployment claims, expected to have risen 6 thousand to 220 thousand in the week ending July 14, while continuing claims are estimated with a 14 thousand drop to 1.725 million in the week ending July 7. 

The Philly Fed Manufacturing Index is expected to have increased to 21.5 in July from 19.9 in June, while the CB leading index is estimated with a 0.5% rise, up from 0.2% in May. 

In his two-day testimony before the two chambers of Congress, Fed Chair Jerome Powell pointed to strong economic growth this year with continued improvement in the labor market and inflation rates, while cautioning from short-term consequences to trade protectionism.