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Gold futures settled lower on Thursday as bond yields climbed up amid bets the Federal Reserve will hold interest rates higher for longer than earlier thought to fight inflation.
The dollar’s weakness helped limit the yellow metal’s losses.
The dollar index dropped to 106.02 around noon, and despite recovering to 106.26, remains weak, trailing nearly 0.4% from the previous close.
Gold futures for December ended lower by $12.30 at $1,878.60 an ounce.
Silver futures for December ended up $0.017 at $22.741 an ounce, while Copper futures for December settled at $3.7080 per pound, gaining $0.0715.
On the economic front, data released by the Commerce Department showed the pace of U.S. economic growth in the second quarter of 2023 was unrevised from the previous estimate.
The report said real gross domestic product increased by 2.1% in the second quarter, unrevised from the estimate provided last month. The unrevised reading matched economist estimates.
The unrevised GDP growth in the second quarter still reflects a slight slowdown compared to the 2.2% growth in the first quarter.
A separate report released by the Labor Department showed initial jobless claims crept up to 204,000 in the week ended September 22nd, an increase of 2,000 from the previous week’s revised level of 202,000. Economists had expected jobless claims to rise to 215,000 from the 201,000 originally reported for the previous week.
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