Investing.com - Gold prices rose in U.S. trading on Thursday after U.S. weekly jobless claims fell and sparked risk-on demand for the yellow metal.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were up 2.27% at USD1,455.95 a troy ounce in U.S. trading on Thursday, up from a session low of USD1,426.35 and down from a high of USD1,457.25 a troy ounce.
Gold futures were likely to test support USD1,403.55 a troy ounce, Monday's low, and resistance at USD1,494.95, the high from April 15.
In the U.S. earlier, the Department of Labor reported that the number of people filing for initial jobless claims fell by 16,000 to 339,000, last week, outpacing market expectations for a drop of 4,000 to 351,000.
Jobless claims for the preceding week were revised up to 355,000 from a previously reported increase of 352,000.
The numbers enticed investors out of the safety of the dollar and into more higher-yield asset classes, including stocks.
Gold and the dollar tend to trade inversely from one another.
Better-than-expected quarterly earnings in the U.S. also pushed the dollar lower, which added to gold's gains.
Earlier Thursday, ExxonMobil and UPS released earnings reports that topped market expectations.
Physical demand added to the rally as well.
Elsewhere on the Comex, silver for May delivery was up 5.15% at USD24.008 a troy ounce, while copper for May delivery was up 2.61% and trading at USD3.240 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were up 2.27% at USD1,455.95 a troy ounce in U.S. trading on Thursday, up from a session low of USD1,426.35 and down from a high of USD1,457.25 a troy ounce.
Gold futures were likely to test support USD1,403.55 a troy ounce, Monday's low, and resistance at USD1,494.95, the high from April 15.
In the U.S. earlier, the Department of Labor reported that the number of people filing for initial jobless claims fell by 16,000 to 339,000, last week, outpacing market expectations for a drop of 4,000 to 351,000.
Jobless claims for the preceding week were revised up to 355,000 from a previously reported increase of 352,000.
The numbers enticed investors out of the safety of the dollar and into more higher-yield asset classes, including stocks.
Gold and the dollar tend to trade inversely from one another.
Better-than-expected quarterly earnings in the U.S. also pushed the dollar lower, which added to gold's gains.
Earlier Thursday, ExxonMobil and UPS released earnings reports that topped market expectations.
Physical demand added to the rally as well.
Elsewhere on the Comex, silver for May delivery was up 5.15% at USD24.008 a troy ounce, while copper for May delivery was up 2.61% and trading at USD3.240 a pound.