Gold Price Stays Lower After U.S. Jobless Claims Data

gold priceThe gold price stayed lower on Thursday morning even as data showed the number of people who filed for unemployment benefits in the U.S., the world’s largest economy, rose last week.

April gold fell $2.5, or $0.2%, to $1,236 at 8:35 a.m. in electronic trading. Gold finished at $1,239.10 an ounce on Wednesday, the highest settlement since February 12.

U.S. stock-index futures rose Thursday morning. Futures for Dow Jones Industrial Average and S&5 500 index increased 0.1% each, while Nasdaq-100 futures was flat. Wall Street closed in positive territory on Wednesday, erasing steeper earlier losses as crude prices bounced back late in the session.

The number of Americans filing for unemployment benefits increased last week from a three-month low, but stayed below levels consistent with a strong labor market. Jobless claims rose by 10,000 to 272,000 in the week ended February 20, a report from the Labor Department showed.

Another report showed orders to U.S. companies for durable manufactured goods rose 4.9% in January, their strongest pace in ten months, an indication of a pause in the manufacturing slump.

Investors will direct their attention to a Group of 20 meeting in Shanghai on Friday, where China is expected to address global anxiety about its economy and financial markets.

The Shanghai Composite Index plunged throughout the trading session to close down 6.4%.

Elsewhere, Japan’s Nikkei Stock Average gained 1.4%. In London, the FTSE 100 surged 2.4%, while in Germany, the DAX was trading 1.7% higher.

Meanwhile, James Ballard, the president of Federal Reserve Bank of St. Louis, reiterated late Wednesday that it would be wise not to raise interest rates.

Gold price has rallied 16.4% since the beginning of the year.

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