Gold futures pushed higher on Thursday, after mixed U.S. economic data underlined uncertainty over the state of the world's largest economy.
Meanwhile, U.S. stocks opened lower and were on track for a third straight losing session ahead of a speech by Federal Reserve Chairwoman Janet Yellen.
December gold on the Comex division of the New York Mercantile Exchange added $15.60, or 1.41%, to trade at $1,147.60 a troy ounce during U.S. morning hours.
Yesterday, gold prices inched up $6.70, or 0.6%, as steep losses in global equity markets boosted the appeal of the precious metal.
Earlier, the U.S. Department of Labor said in a report that the number of individuals filing for initial jobless benefits in the week ending September 19 rose by 3,000 to 267,000 from the previous week’s total of 264,000, compared to expectations for a 7,000 rise.
In a separate report, the U.S. Commerce Department said that total durable goods orders declined by 2.0% in August, matching forecasts. Orders for durable goods in July were revised to a gain of 1.9% from a previously reported increase of 2.2%.
Core durable goods orders, which exclude volatile transportation items, were flat in September, compared to expectations for an increase of 0.1%. Core durable goods orders climbed 0.4% in July.
U.S. stocks declined at open.
Caterpillar Inc. added to the market’s downbeat sentiment, which said that it plans to cut 10,000 jobs by the end of 2018. The Dow component’s announcement is likely to put pressure on the Dow Jones Industrial Average throughout the day.
The Dow Jones Industrial Average, lost 131 points, or 8%, to 16,146, while the S&P 500 lost 12 points, or 0.7%% to 1,926. The Nasdaq Composite Index, shed 31 points, or 0.7%, to 4,720.
Fed Chairwoman Janet Yellen’s speech is expected at 5 p.m. Eastern Time after the close of U.S. trading.
Credit: mql5.com
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