WASHINGTON (dpa-AFX) - Gold prices fell on Thursday as reports today indicated a stronger US job market along with dynamic retail sales data.
Front Month Comex Gold for July delivery fell $12.40 (or 0.37%) to $3,340.10 per troy ounce today.
Front Month Comex Silver for July delivery gained 20.30 cents (or 0.54%) to $38.056 per troy ounce today.
Today, the economic data released by the US commerce department revealed that retail sales in the US has increased 0.6% month-over-month in June after successive declines over the two previous months.
Employment data released by the US Department of Labor today revealed that initial jobless claims fell by 7,000 from the previous week to 221,000 in the second week of July.
The less volatile four-week moving average also slipped to 229,500, a decrease of 6,250 from the previous week's revised average of 235,750.
This upbeat economic data is expected to reinforce the US Federal Reserve's cautious stance on monetary easing. This has also put a little weakness in the gold market even though central banks globally are accumulating gold.
Countries are hustling to finish trade agreements with the US as the August 1 deadline for pausing of 'reciprocal tariffs' is less than a fortnight away.
Close on the heels of making a favorable trade agreement with Indonesia, US President Donald Trump stated that a deal with India was 'very close.' The US happens to be the largest trading partner of India with bilateral trade reaching $190 billion.
On the geopolitical front, though no fresh developments have taken place in the US-Iran talks, the ceasefire between Israel and Iran, announced by Trump on June 24, continues to hold.
Currently, the Middle East is devoid of any high-tension conflict sparing Israel's bombing of Syrian army headquarters.
Analysts are of the opinion that gold prices may stabilize after the first week of August, when a clear picture on the trade war and tariff impact is felt both within the US as well as in the global economy.
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