Gold futures on the COMEX division of the New York Mercantile Exchange saw a rise on Thursday, attributed to weakening U.S. Treasury bond yields. The most active gold contract for April delivery increased by 0.59 percent, closing at 2,054.70 dollars per ounce.
Federal Reserve Bank of San Francisco President Mary Daly stated on Bloomberg Television’s Wall Street Week that while central bank officials are prepared to lower interest rates if necessary, they do not see an immediate need to do so due to the strength of the economy. “We are ready to make moves and adjust as the data demands us to do,” Daly mentioned.
Atlanta Fed President Raphael Bostic also shared his perspective on Thursday, noting that recent inflation readings suggest some challenges on the path to the Fed’s 2-percent goal. Bostic reiterated his belief that it will likely be appropriate to cut rates in the upcoming summer.
During a webinar sponsored by Princeton University’s Bendheim Center for Finance, Chicago Fed President Austan Goolsbee expressed optimism about the economy’s progress over the long term. Goolsbee stated that a rebound in inflation in January should not overshadow the substantial strides the economy has made.
Economic data released on Thursday were mixed, with the U.S. Labor Department reporting a rise in applications for unemployment benefits to 215,000 for the week ending Feb. 24. The Institute for Supply Management-Chicago’s Chicago Business Barometer also declined from 46.0 in January to 44.0 in February.
The U.S. Commerce Department revealed that the U.S. Personal Consumption Expenditures (PCE) price index increased by 0.3 percent in January, ending a stretch of mild rises. Core PCE, which excludes volatile energy and food items, saw a 0.4 percent rise, the quickest since January 2023.
Looking ahead, the February jobs report is set to be released next Friday. In the commodity market, silver for May delivery rose by 1.10 percent, closing at 22.885 dollars per ounce, while platinum for April delivery fell by 0.12 percent to close at 884.00 dollars per ounce.
