Gold futures on the COMEX division of the New York Mercantile Exchange experienced an increase on Thursday due to geopolitical tensions in the Middle East.
The December delivery gold contract, which was the most active, saw a rise of 2.50 U.S. dollars (0.13 percent), reaching a closing price of 1,997.40 dollars per ounce.
The U.S. Commerce Department released a report on Thursday revealing that the country’s gross domestic product (GDP) had grown at an annual rate of 4.9 percent in the third quarter. This represented a significant increase from the second quarter’s growth rate of 2.1 percent and surpassed economists’ expectations of 3.8 percent.
Despite the strong GDP data, which could have negatively impacted gold, the geopolitical tensions in the Middle East had a greater influence, ultimately supporting the price of gold.
Other economic data released on Thursday presented a mixed picture. The U.S. Labor Department reported that initial jobless claims increased by 10,000 to 210,000 in the week ending October 21. Economists had predicted a smaller rise of 9,000 to 207,000. However, in the previous week, there was a revised decrease of 11,000 to 200,000 in claims.
In addition, the U.S. Labor Department stated that durable goods orders in the country rose by 4.7 percent in September, a significant improvement compared to the 0.1 percent gain in August and the 2 percent forecast.
The National Association of Realtors also released data indicating that the U.S. pending home sales index rebounded by 1.1 percent to 72.6 in September, following a sharp decline of 7.1 percent to 71.8 in August. Economists had anticipated a further decline of 1.5 percent in pending home sales.
On the other hand, silver for December delivery experienced a decrease of 9.90 cents (0.43 percent), settling at a closing price of 22.908 dollars per ounce. Platinum for January delivery also suffered a decline of 3.40 dollars (0.37 percent), ending the day at 909.00 dollars per ounce.
