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Gold up on unemployment claims

Xinhua News,CHICAGO
2020-08-14 03:19

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CHICAGO, Aug. 13 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as unemployment claims remained at record high levels.

The most active gold contract for December delivery rose 21.4 U.S. dollars, or 1.1 percent, to close at 1,970.4 dollars per ounce.

The U.S. Department of Labor on Thursday released a report, showing that the initial jobless claims fell to 963,000 claims during the week of Aug. 8. Analysts note this is the first time jobless claims have fallen below 1 million since the beginning of the COVID-19 pandemic, signaling a continuance of the economic recovery. However, as the unemployment claims remain at historically high levels, it is not enough to outweigh the fear and pessimism in the market due to the fallout from COVID-19, market analysts hold.

Gold found additional support as the U.S. Dollar Index fell on Thursday.

Optimism over the Russian COVID-19 vaccine waned as scientists voiced their concerns over the safety and effectiveness of the vaccine, further driving investors to the precious metal.

U.S. Centers for Disease Control Director Robert Redford warned on Thursday that the COVID-19 pandemic would worsen in the fall, and that the seasonal flu would compound this issue.

Silver for September delivery rose 1.739 dollars, or 6.69 percent, to close at 27.718 dollars per ounce. Platinum for October delivery rose 23.8 dollars, or 2.48 percent, to close at 983 dollars per ounce.
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