Gold dips as record-low jobless claims, higher-than-expected producer prices turn investors away

14.05.2021 - Davydova Maria
Gold dips as record-low jobless claims, higher-than-expected producer prices turn investors away

Gold was lackluster on Friday in Asian trade as investors digested a record low number of jobless claims and a higher-than-expected Producer Price Index, unable to capitalize on declining US Treasury yield.

Gold futures loss 0.07% to $1,822.80. Coming from a more than one-month high hit on Thursday, the Benchmark U.S. 10-year Treasury suffered from a setback on Friday.

Based on official data released on Tuesday, a lowly 473,000 initial jobless claims were filed in the U.S. for the previous week, the lowest in 14 months. This was also lower than the 490,000 claims predicted by analysts and even lower from the 507,000 claims filed during the previous week.

Meanwhile, the PPI inched up 0.6% month-on-month in April. Though beating analysts’ forecast, the PPI fell below the 1.0% rise posted in March.

Amidst the growing inflation concerns, the Federal Reserve reiterated its stance to only move its current dovish monetary policy after the economy reaches full employment, in congruence with a 2% inflation mark and beyond.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?