Gold futures on the COMEX division of the New York Mercantile Exchange increased on Thursday due to a technical rebound, as per reports from Chicago on November 9.
The gold futures for December delivery, which was the most active contract, rose by 12.00 U.S. dollars or 0.61 percent, closing at 1,969.80 dollars per ounce. This increase comes after a nearly 40 dollar drop from last week’s peak of 2,000 dollars, which was caused by rising tensions in the Middle East. Gold is currently experiencing some overselling.
Federal Reserve Chairman Jerome Powell addressed a conference in Washington, where he indicated that another interest-rate increase could be expected if inflation remains high and economic growth stays strong.
Thomas Barkin, the President of Richmond Federal Reserve Bank, expressed his opinion during an MNI Webcast on Thursday, stating that there has been “real progress” on inflation. However, it is still uncertain if the Federal Reserve will need to raise its policy rate further.
Interim St Louis Federal Reserve President Kathleen Paese commented during a speech to financial professionals in Jefferson, Indiana, underscoring the fact that the Fed still has time to decide its next steps. She mentioned that it is premature to declare victory on inflation at this point.
The U.S. Labor Department reported on Thursday that the initial claims for state unemployment benefits dropped by 3,000 to 217,000 for the week ending Nov. 4. This was from an upwards revision of 220,000 claims from the previous week. Economists had predicted 218,000 claims for that week.
In addition to the rise in gold futures, the price of silver for December delivery also increased by 17.70 cents, reaching 22.905 dollars per ounce. Conversely, platinum for January delivery decreased by 8.70 dollars, closing at 862.80 dollars per ounce.
