On Wednesday, Gold futures on the COMEX division of the New York Mercantile Exchange decreased. This fall was in response to a rise in the U.S. dollar and U.S. Treasury yields. The most active gold contract for December delivery declined by 0.44 percent, closing at 1,992.80 dollars per ounce after falling 8.80 U.S. dollars.
The minutes of the Federal Reserve November monetary policy meeting were released on Tuesday, revealing that Fed officials would “carefully” proceed and only raise interest rates if the progress in controlling inflation faltered. This news may have contributed to the changes in gold futures.
On Wednesday, the U.S. Labor Department released a report indicating that U.S. initial claims for state unemployment benefits decreased by 24,000 to a seasonally adjusted 209,000 for the week ending Nov. 18. Economists had anticipated 226,000 claims for the latest week. This decrease in unemployment claims is significant and may have impacted the gold futures market.
Additionally, the Consumer Sentiment Index from the University of Michigan (UM) Surveys of Consumers decreased to 61.3 in the November 2023 survey. This is down from 63.8 in October, but still above last November’s 56.7. This shift in sentiment could have influenced the movement of gold futures.
U.S. durable goods orders also experienced a decline, falling 5.4 percent on a seasonally adjusted basis to 279.4 billion dollars in October, according to the U.S. Commerce Department. This decrease in durable goods orders likely impacted the gold market as well.
In addition to gold, the prices of other precious metals were also affected. Silver for December delivery fell 18.10 cents, or 0.76 percent, closing at 23.688 dollars per ounce. Platinum for January delivery also fell, declining by 15.20 dollars, or 1.61 percent, to close at 930.70 dollars per ounce.
