WASHINGTON (dpa-AFX) - Gold futures settled higher on Thursday on weak dollar and on safe-haven buying amid persisting worries about the tensions in the Middle East. Anxiety over the impending U.S. election also contributed to increased demand for the yellow metal.
The dollar index dropped to 104.02, losing nearly 0.4%
Gold futures for October ended higher by $20.50 or about 0.76% at $2,734.90 an ounce
Silver futures for October settled at $33.611 an ounce, down $0.029 or 0.09%, while Copper futures for October edged up to $4.3070 per pound, gaining $0.0025 or 0.06%.
A new national poll has indicated that former President Donald Trump was gaining an edge over Vice President Kamala Harris in the race to succeed President Biden in the White House. However, markets still expect a hotly contested race.
On the geopolitical front, Israel has reportedly launched strikes on the Syrian capital Damascus and a military site near the western city of Homs early Thursday, causing casualties.
In U.S. economic news, data from the Labor Department showed initial jobless claims saw further downside in the week ended October 19th, dropping to 227,000 in the week, a decrease of 15,000 from the previous week's revised level of 242,000.
Economists had expected jobless claims to inch up to 242,000 from the 241,000 originally reported for the previous week.
According to a report released by the Commerce Department, new home sales surged by 4.1% to an annual rate of 738,000 in September after tumbling by 2.3% to a revised rate of 709,000 in August.
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