Gold futures on the COMEX division of the New York Mercantile Exchange increased on Thursday following sharp declines over the past two trading days. The most actively traded gold contract for February delivery grew by 15.10 U.S. dollars, or 0.75 percent, ending the day at 2,021.60 dollars per ounce.
Atlanta Federal Reserve President Raphael Bostic delivered comments at the Atlanta Business Chronicle’s 2024 Economic Outlook event, stating that he anticipates the central bank to begin implementing rate cuts in the third quarter of this year, provided the current economic conditions remain stable. Bostic believes that monetary policy is sufficiently constrictive to prompt the return of inflation to the Federal Reserve’s 2-percent target over the medium term.
Economic statistics released on Thursday were varied. The Philadelphia Federal Reserve’s manufacturing index increased 2.2 points in January to a reading of -10.6, marking the 18th negative reading in the last 20 months, which is worse than the market’s forecast of -7. Additionally, the U.S. Labor Department reported that initial jobless claims in the week ending January 13th were 187,000, a decrease of 16,000 from the previous week and under economists’ predictions of 205,000. It was the lowest level for initial claims since September 2022 when it was 182,000.
Furthermore, the U.S. Commerce Department released information indicating that housing starts in the country dropped to a seasonally adjusted annual rate of 1.46 million in December, representing a 4.3 percent decrease compared to the revised November estimate of 1.525 million. However, this was still 7.6 percent higher than the December 2022 rate of 1.357 million.
Silver for March delivery increased by 13.80 cents, or 0.61 percent, closing at 22.807 dollars per ounce. Platinum for April delivery grew by 22.40 dollars, or 2.52 percent, ending the day at 912.00 dollars per ounce.
