Gold fell 2 percent on Thursday after better-than-forecast U.S. jobs data encouraged investors to sell the traditional safe-haven market, reviving expectations the Federal Reserve could raise interest rates soon.
Data on Thursday showed claims for state unemployment benefits declined 34,000 to a seasonally adjusted 262,000 for the week ended April 25, the lowest reading since April 2000.
Separately, U.S. consumer spending rose 0.4 percent last month after rising 0.2 percent in February, while the Chicago Purchasing Management Index jumped more than expected in April.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at firstname.lastname@example.org. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.