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Gold Futures Settle Slightly Higher

Gold futures settled higher on Thursday, although gains were just marginal as the dollar strengthened amid fading hopes of a fiscal stimulus and rising concerns about surging coronavirus cases.

The dollar index, which rose to 93.90, was last seen at 93.83, up nearly 0.5% from previous close.

Gold futures for December ended up $1.60 at $1,908.90 an ounce, recovering from an early low of $1,892.70.

Silver futures for December ended lower by $0.171 at $24.224 an ounce, while Copper futures for December settled at $3.0855 per pound, up $0.0350 from previous close.

Downbeat comments from U.S. Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnel dashed hopes of a new fiscal stimulus package before the presidential election.

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended October 10th, according to a report released by the Labor Department.

The report said initial jobless claims climbed to 898,000, an increase of 53,000 from the previous week’s revised level of 845,000. Economists had expected jobless claims to edge down to 825,000 from the 840,000 originally reported for the previous week.

Another report from the Labor Department showed import prices rose by 0.3% in September after jumping by an upwardly revised 1% in August. Economists had expected import prices to rise by 0.3% compared to the 0.9% increase originally reported for the previous month.

Growth in New York manufacturing activity slowed by more than expected in the month of October, the Federal Reserve Bank of New York revealed in a report. The New York Fed said its general business conditions index slid to 10.5 in October from 17.0 in September.

A report released by the Federal Reserve Bank of Philadelphia showed a significant acceleration in the pace of growth in regional manufacturing activity in the month of October.

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