The concession is worth $1.3 billion
business1 day ago
Gold prices pared gains on Thursday as the dollar and Treasury yields rose after stronger-than-expected U.S. economic data that could influence the size of interest rate cuts from the Federal Reserve.
Spot gold was up 0.3% at $2,454.50 per ounce, as of 13:06 p.m. EDT (1706 GMT), after rising as much as 0.9% earlier in the session. U.S. gold futures rose 0.5% to $2,492.10.
"Retail sales being so positive shows the economy is strong and that has kind of turned the markets, and the dollar is regaining some of its strength and gold's losing some of its lustre," said Chris Gaffney, president of world markets at EverBank.
U.S. retail sales increased 1.0% last month after a downwardly revised 0.2% drop in June, the Commerce Department's Census Bureau said.
Separately, a Labor Department report showed the number of Americans filing new applications for unemployment benefits came in at 227,000 for the week ended Aug. 10, compared with an estimate of 235,000.
Following the U.S. data, the dollar rose 0.4% against its rivals, making gold more expensive for other currency holders, while benchmark 10-year Treasury yields also jumped.
Meanwhile, two Fed officials on Thursday lined up behind the possibility of an interest rate cut at the U.S. central bank's policy meeting next month, reversing their previous skepticism about lowering borrowing costs too soon.
Markets see a 930 chance of a U.S. cut rate in September, according to the CME FedWatch Tool. However, strong data has taken 50 basis point cut off the table.
A low interest rate environment tends to boost non-yielding bullion's appeal.
"The political uncertainties will continue to be positive for gold prices, but they'll also add to the volatility," said Jeffrey Christian, managing partner of CPM Group.
Among other metals, spot silver gained 2.6% to $28.29 per ounce. Platinum jumped 4.4% to $959.30 per ounce and palladium rose 0.7% to $942.25.
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