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Gold futures decline as U.S. dollar strengthens
Published Mar 27, 2015 03:57AM ET
© Reuters. Gold pulls away from 3-week highs on stronger dollar
Investing.com - Gold prices declined on Friday, pulling back from three-week highs as the dollar regained some strength after Thursday's upbeat U.S. jobless claims report, although tensions in Yemen continued to lend support to the precious metal.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down 0.58% at $1,197.70.
The April contract ended Thursday's session 0.65% higher at $1,204.80 an ounce.
Futures were likely to find support at $1,186.10, the low from March 25 and resistance at $1,219.50, Thursday's high.
The dollar found broad support on Thursday after data showing that the number of people filing unemployment assistance in the U.S. last week fell to a five-week low sparked optimism over the strength of the job market.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending March 21 declined by 9,000 to 282,000 from the previous week’s total of 291,000.
Another report showed that the U.S. service sector expanded at the fastest rate this month since September.
Market participants were now looking to final data on U.S. fourth quarter economic growth and the revised reading of the University of Michigan consumer sentiment index, due later in the day, for further indications on the strength of the economy.
Demand for safe-haven assets was boosted this week after Saudi Arabia and a coalition of Gulf region allies launched air strikes in Yemen to counter Iran-backed Houthi rebels besieging the southern city of Aden.
The military operation sparked fears that an escalation of hostilities could set off a conflict across the region and send oil prices skyrocketing.
Countries in the Middle East were responsible for nearly 35% of global oil production last year.
Elsewhere in metals trading, silver futures for May delivery declined 0.90% to $16.987 a troy ounce, while copper futures for May delivery tumbled 1.13% to $2.779 a pound.
Comex copper prices have been well-supported in recent sessions amid speculation demand for the industrial metal will increase due to accommodative central bank policies in the U.S., Europe and China.
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