WASHINGTON (dpa-AFX) - Gold rebounded from early losses to close little changed on Thursday as the ceasefire in the Israel-Iran conflict brought on by US President Donald Trump's intervention continued to hold.
Front Month Comex Gold for June delivery gained $6.40 (or 0.19%) to $3,333.50 per troy ounce today.
Front Month Comex Silver for June delivery gained 50.10 cents (or 1.39%) to $36.586 per troy ounce today.
The Israel-Iran conflict, which began on June 12th and continued for 12 days with mutual aerial attacks, ended with the Trump announcing a ceasefire between both nations.
So far, no news of violations of the ceasefire has emerged from either side. This gave confidence to investors to move away from the yellow metal, at least for now.
According to the revised data on the US economy, GDP shrank by an annualized 0.5% in Q1, indicating that the US economy is contracting faster due to headwinds as a result of tariff imposition.
The prior number was a 0.2% contraction. The bigger than previously estimated decline primarily reflecting downward revisions to consumer spending and exports that were partly offset by a downward revision to imports.
Labor Department data showed mixed results. Initial Jobless Claims fell to 236,000 (more than expected) for the week ending June 21. Continuing jobless claims jumped by 37,000 to 1.974 million for the week ending June 14. Data suggests that though job losses are under control, new hiring remains subdued, meaning the unemployed are struggling to find new jobs.
Market eagerly await interest rate cuts which could propel the economy forward. Decisions on rates would be taken after the US Fed analyzes the consumption price index data set to be released tomorrow.
Higher interest rates are unfavorable to the precious metal as gold does not earn any interest, making it less attractive.
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