WASHINGTON (dpa-AFX) - Gold prices drifted lower on Thursday, declining for a fifth straight session, the longest losing streak in nine months, as the dollar continued to trade firm against most of its major counterparts, and bond yields rose to multi-month highs.
The dollar index hit a new one-year high, climbing to 107.06 in the European session. The index pared some gains subsequently and was at 106.68 a little while ago.
The dollar firmed amid expectations for deeper deficit spending during Trump's second presidential term. Wednesday's sticky core inflation print underscored a slowdown in the disinflation process and some Federal Reserve officials shifted their attention back to inflation risk.
Gold futures for November closed down $12.60 or about 0.49% at 2,568.20 an ounce.
Silver futures for November settled at $30.508 an ounce, down $0.082 or 0.27% from previous close.
Copper futures for November advanced to $4.0680 per pound, gaining $0.0020 or 0.05%.
Dallas Fed President Lorie Logan noted the progress made on inflation but urged caution. Similarly, St. Louis Fed President Alberto Musalem has warned about rising inflation risks.
In economic news today, data from the Labor Department said initial jobless claims slipped to 217,000 in the week ended November 9th, a decrease of 4,000 from the previous week's unrevised level of 221,000. Economists had expected jobless claims to inch up to 223,000.
A separate report from the Labor Department showed its producer price index for final demand rose by 0.2% in October following a revised 0.1% uptick in September. Economists had expected producer prices to rise by 0.2% compared to the unchanged reading originally reported for the previous month.
Meanwhile, the report said the annual rate of growth by producer prices accelerated to 2.4% in October from an upwardly revised 1.9% in September. The annual rate of producer price growth was expected to accelerate to 2.3% from the 1.8% originally reported for the previous month.
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