WASHINGTON (dpa-AFX) - After moving sharply higher over the past few sessions, the price of gold gave back some ground during trading on Thursday.
Gold for May delivery fell $17 or 0.5 percent to $3,292.30 after surging by more 4.0 percent over the three previous sessions.
The pullback by the price of the precious metal came amid a rebound by the value of the U.S. dollar, with the U.S. dollar index climbing by 0.5 percent after moving notably lower over the past few sessions.
Gold futures had recently benefitted from their appeal as safe haven amid concerns about the fiscal impact of a Republican tax cut bill.
The tax cut bill passed the GOP-controlled House in a largely party-line vote early this morning, but analysts warn it could add trillions to the federal government's already massive debt.
In a post on Truth Social, President Donald Trump called the bill 'arguably the most significant piece of Legislation that will ever be signed in the History of our Country' and urged the Senate to send the bill to his desk as soon as possible.
On the U.S. economic front, a report released by the Labor Department unexpectedly showed a slight decline by first-time claims for U.S. unemployment benefits in the week ended May 17th.
The Labor Department said initial jobless claims edged down to 227,000, a decrease of 2,000 from the previous week's unrevised level of 229,000. The dip surprised economists, who had expected jobless claims to inch up to 230,000.
Meanwhile, a separate report released by the National Association of Realtors showed existing home sales in the U.S. unexpectedly saw further downside in the month of April.
NAR said existing home sales fell by 0.5 percent to an annual rate of 4.00 million in April after plunging by 5.9 percent to a rate of 4.02 million in March. Economists had expected existing home sales to jump by 2.0 percent to a rate of 4.10 million.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
