Gold rises 1% with increased bets on the US Federal Reserve reducing interest rates

Thursday, May 09, 2024 - 17:47
Point Trader Group

Gold prices rose 1% on Thursday after new data from the Labor Department indicated that the number of Americans filing new unemployment claims rose more than expected last week, boosting bets that the US Federal Reserve will cut interest rates later this year.

Gold rose in instant transactions by 0.95% to $2,330.51 per ounce. US gold futures for June delivery rose 0.74% to $2,339.40 per ounce.

The number of Americans who filed new applications for unemployment benefits increased more than expected last week, in light of a continuing slowdown in the labor market conditions in the United States.

The US Department of Labor reported on Thursday that the number of applications submitted for the first time for unemployment benefits rose by 22,000 to a level adjusted for seasonal factors of 231,000 during the week ending May 4.

Economists in a Reuters poll expected the number of applications to reach 215,000 last week.

As for other precious metals, silver rose in spot transactions by 2.9% to $28,136 per ounce, platinum rose 1.1% to $982.25 per ounce, while palladium increased 1.6% to $967.28 per ounce.

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