Gold up as US$ Drops, Stock Climb As U.S. Unemployed rise COMMODITIES: Gold Rises as Dollar Drops, Stock Climb As U.S. Unemployment Jumps Again
02:04 PM EDT, 05/07/2020 (MT Newswires) -- Gold prices rose on Thursday even as stock markets were higher and the dollar fell as new U.S. unemployment figures showed another big jump in the number of the jobless.
Gold for June delivery ended up US$37.30 to settle at US$1,725.80 in Comex trading.
U.S. initial jobless claims rose by another 3.17 million last week, with continuing claims rising by 4.64 million to 22.65 million, showing pandemic quarantines are continuing to weaken the country's economy.
Despite the figures, U.S. stocks rose, as investor move to riskier assets on expectations that states rolling back quarantines amid the pandemic will boost demand. The Dow Jones Industrial Average was last seen up 1.5%.
The U.S. dollar fell, making gold more affordable for international buyers. The ICE dollar index was last seen down0.22 points to 99.87.