Gold prices surged to their highest in two weeks on Thursday boosted by weaker dollar and declined U.S. bond yields following economic data.

Spot gold hit its highest since December 14 at $1,150.26 an ounce.

U.S. gold futures for February gained $5.40 at $1,146.20 an ounce.

Silver Futures for March were last up $0.052 at $16.09 an ounce.

The precious metal fell more than 8 percent in November upon a surge in U.S. Treasury yields and the dollar index on speculations that the Trump-administration will follow a more infrastructure-spending strategy and higher economic growth.

Followed by the strong dollar after Trump won the U.S. presidential elections, the U.S. Federal Reserve were tempted to hike interest rates for the first time in a year which led the gold prices to slip and hit a 10-month low on December 15.

However, gold prices are still 8 percent higher than they were at the start of the year.

The dollar fell 0.3 percent against a basket of six major currencies due to yen’s strength, while the benchmark 10-year U.S. Treasury yield slipped to two-week lows.

Initial weekly U.S. jobless claims fell by 10,000 to a seasonally adjusted 265,000 in the week to Saturday, gold prices held their gains up $6.10 at $1,147 an ounce for Comex February gold.

Expectations for the initial claims were around 262,000 to 270,000.

There were no special factors impacting this week’s initial claims, the Labor Department said.

Traders observe jobs data closely to measure how robustly the U.S. Federal Open Market Committee changes monetary policy.

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