Live Spot Gold
Bid/Ask
2,688.502,689.50
Low/High
2,672.602,697.90
Change
+14.30+0.53%
30daychg
+123.90+4.83%
1yearchg
+741.00+38.06%
Silver Price & PGMs
(Kitco News, Thurs. Oct. 17th, 2024) – Gold is off its all-time record highs but still remains within striking distance of $2,700 an ounce as the number of American workers applying for first-time unemployment benefits falls in line with expectations.
Initial claims for state unemployment benefits fell by 19,000 to a seasonally adjusted 241,000 for the week ending Oct. 12, the Labor Department announced on Thursday.
The U.S. labor market is showing signs of volatility as the previous week saw a massive increase. Last week’s employment numbers were revised up by 2,000 to 258,000. Although initial claim numbers have dropped from last week’s nearly one-year high, labor market data remains elevated. At the start of the month, claims were below 200,000.
The gold market is not seeing much reaction to the latest labor market data. December gold futures last traded at $2,693.40 an ounce, roughly unchanged on the day.
Spot gold hits record high, backs off after stronger U.S. data
(Kitco News, Thurs. Oct. 17th, 2024) – Gold and silver futures prices are near steady in early U.S. trading Thursday after spot gold hit a record high of $2,689 overnight. Some just-released and better-than-expected U.S. economic data has put a bit of downside price pressure on the two precious metals. December gold was last down $1.10 at $2,689.50 and December silver was down $0.124 at $31.855.
A very heavy slate of U.S. economic data is due out Thursday, highlighted by the retail sales and weekly jobless claims reports. September retail sales came in at up 0.4%, month-on-month and were seen coming in at up 0.3% from August. That compares to a rise of 0.1% in the August report. Weekly jobless claims came in at up 241,000 and were seen up 260,000. That compares to last week’s report showing a rise of 258,000. These two reports fall into the camp of the U.S. monetary policy hawks, who want to see the Fed restrained on its interest-rate-cutting path. However, today’s data is unlikely to change the trajectory of the Fed’s money policy.
The European Central Bank met today and announced a 25 basis-point cut to its main interest rate, taking the deposit facility rate to 3.25%. The move was expected by the marketplace.
Asian and European stock indexes were mixed overnight, with Asian shares mostly weaker and European shares mostly firmer. U.S. stock indexes are pointed to higher openings and at or not far below record highs when the New York day session begins.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com