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Gold Prices Bounce Back as U.S. Dollar Broadly Weakens

CommoditiesJan 11, 2018 08:40AM ET
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© Reuters. Gold rebounds as U.S. data pushes dollar lower

Investing.com - Gold prices bounced back on Thursday, erasing earlier losses as the greenback broadly weakened after the release of downbeat U.S. data dampened optimism over the strength of the economy.

Comex gold futures were up 0.20% at $1,322.10 a troy ounce by 08:35 a.m. ET (12:35 GMT), off session lows of $1,316.10.

The U.S. Department of Labor reported on Thursday that initial jobless claims increased to 261,000 last week, compared to expectations for a drop to 246,000.

A separate report showed that the producer price index fell 0.1% last month, confounding expectations for a 0.2% rise.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.39% at 91.76, off session highs of 92.30.

Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.

The dollar gained some ground earlier Thursday after China’s foreign exchange regulator said that a report about Beijing slowing or halting its U.S. bond buying may be based on erroneous information and could be "fake".

The greenback initially dropped after Bloomberg reported that Chinese officials reviewing foreign-exchange holdings had recommended slowing or halting purchases of U.S. bonds. China is the largest foreign holder of U.S. government debt.

Elsewhere on the Comex, silver futures eased 0.09% to $17.01 a troy ounce.

Gold Prices Bounce Back as U.S. Dollar Broadly Weakens
 

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