Gold Drops Back Under US$1,700 Despite Weaker Equities, US$ COMMODITIES: Gold Drops Back Under US$1,700 Despite Weaker Equities, Dollar
02:07 PM EDT, 04/30/2020 (MT Newswires) -- Gold ended down for a fifth-straight day on Thursday even as stocks and the U.S. dollar were both lower after the United States reported another large rise in unemployment.
Gold for June delivery closed down US$19.20 to US$1,694.20 per ounce in Comex trading.
The United States said there were 3.84 million initial jobless claims last week, down by 0.6 million from the prior week. pushing claims to more than 30 million since pandemic quarantines were put in place.
Stocks were lower after the Federal Reserve on Wednesday took no action on interest rates but promised open-ended purchases of bonds to maintain liquidity. The Dow Jones Industrial Index was last see down 1.6%.
The U.S. dollar also fell, making gold more affordable for international buyers. The ICE dollar index was last seen down 0.48 points to 99.08.
Cheers to all the patient investors