Gold rises on weaker U.S. dollar

World Materials 17 February 2023 04:53 (UTC +04:00)

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar weakened, Trend reports citing Xinhua.

The most active gold contract for April delivery rose 6.5 U.S. dollars, or 0.35 percent, to close at 1,851.8 dollars per ounce.

Economic data released on Thursday were mixed. The U.S. Labor Department reported Thursday that U.S. producer price index for final demand rebounded 0.7 percent in January, the largest increase since June, after decreasing 0.2 percent in December.

The U.S. Labor Department further reported that U.S. initial jobless claims fell by 1,000 to 194,000 in the week ending Feb. 11. It's the fifth straight week that the claims were under 200,000.

The U.S. Labor Department also reported that U.S. building permits approved in January gained 0.1 percent from December to 1.339 million units.

The Philadelphia Fed said Thursday its gauge of regional business activity plunged to negative 24.3 in February from negative 8.9 in the prior month, the lowest level since the worst of the COVID pandemic in May 2020.

Silver for March delivery rose 13.8 cents, or 0.64 percent, to close at 21.71 dollars per ounce. Platinum for April delivery rose 13.2 dollars, or 1.44 percent, to close at 931 dollars per ounce.