Gold prices fell on Thursday, despite the US dollar's fall against most currencies, after the release of weak economic data.

The US Federal Reserve has kept the interest rate between zero and 0.25% unchanged, but projected to raise it 3 times in 2023 and 3 more times in 2024, to reach 1.8% by the end of 2024.

Fed Chairman Jerome Powell said if the US economy continues to recover, the Fed may announce the date of reducing bond-buying next November.

The US Department of Labor revealed that the number of initial unemployment claims was at 351K last week, lower than forecasts of 322K.

The dollar index fell against a basket of currencies by 0.5% to 93.03 points as of 18:04 GMT, after it hit a high of 93.5 points and a low of 92.9 points.

Gold spot prices fell by 1.5% to $1,752.5 18:04 GMT.

The US dollar fell against most of its peers on Thursday, after the market absorbed the Federal Reserve's statement, following the release of weak economic data.

The US Federal Reserve has kept the interest rate between zero and 0.25% unchanged, but projected to raise it 3 times in 2023 and 3 more times in 2024, to reach 1.8% by the end of 2024.

The Fed stated that depending on the continuous rise in inflation and improved labor market conditions, the FOMC sees that it would be appropriate to start reducing asset purchases.

The Fed also estimated the US GDP to grow by 3.8% in 2022, 2.5% in 2023, and 2% in 2024.

The US Department of Labor revealed that the number of initial unemployment claims was at 351K last week, lower than forecasts of 322K.

The dollar index fell against a basket of currencies by 0.5% to 93.03 points as of 18:00 GMT, after it hit a high of 93.5 points and a low of 92.9 points.

Oil prices rose on Thursday, after a drop in the US crude inventories, while the US dollar fell against its peers.

The Energy Information Administration reported yesterday that the US crude inventories fell 3.5 million barrels to 414 million barrels during the past week, while analysts forecast a drop by 3.8 million barrels.

While the US output rose 500,000 barrels last week, with the total at 10.6 million barrels per day, which is 900,000 less than normal.

The market continues to follow Evergrande's crisis and it its impact on the Chinese economy.

The People's Bank of China has injected $18.6 billion into the banking system, in attempts to ease global markets' concerns.

The dollar index fell against a basket of currencies by 0.5% to 93.03 points as of 14:50 GMT, after it hit a high of 93.5 points and a low of 92.9 points.

WTI crude October futures rose 1.4% to $73.2 a barrel as of 14:54 GMT. 

Brent November futures rose 1% to $76.9 a barrel.

Oil prices continued to rise as the US market opened on Thursday, for the third day in a row, and Brent crude hit a new 2-month high after a drop in the US inventories, a sign on improved US demand.

US crude rose 0.9% to $72.52 a barrel, after opening at $71.89, and hit a low at $71.64, and Brent crude rose 0.8% to the highest since July 14 at $76.5 a barrel, after opening at $75.89, and hit a low at $75.62.

The US crude gained 1.6% yesterday, and Brent crude rose 1.7%, after the EIA's weekly report.

The Energy Information Administration reported today that the US crude inventories fell 3.5 million barrels during the week ending September 17, while analysts forecast a drop by 3.8 million barrels.

The total US commercial inventories fell to 413.98 million barrels, which is the lowest level since the week ending October 5, 2018, in a positive sign of the US domestic demand.

While the US output rose 500,000 barrels last week, with the total at 10.6 million barrels per day, which is 900,000 less than normal, as producers in the Gulf of Mexico are still suffering from Hurricane Ida's damages.