WASHINGTON (dpa-AFX) - As investors resorted to booking profits from yesterday's record highs, gold prices moved lower on Thursday. In addition, the softening of the U.S. stance on Iran allayed concerns of an immediate conflict in the Middle East and trimmed safe-haven demand.
Front Month Comex Gold for January delivery edged lower by $10.00 (or 0.22%) to $4,616.30 per troy ounce.
Front Month Comex Silver for January delivery rose sharply by $1.0070 (or 1.11%) to $91.876 per troy ounce. Notably, this is a new record high for silver prices, which have increased for five consecutive sessions.
Yesterday, Front Month Comex Gold for January delivery climbed by 0.81% to $4,626.30 per troy ounce, a new record high for gold.
Over the past few days, U.S. President Donald Trump had suggested hitting Iran hard over a dispute with the regime's oppressive measures against innocent civilians, which triggered safe-haven demand.
However, softening his stance yesterday, Trump announced that he has been informed that 'the killing in Iran has stopped' and hence he is pausing possible military actions against the country.
Earlier reports from various human rights groups mentioned thousands of deaths and several protestors being imprisoned, with many facing execution.
Since December, Iran has been facing a civil uprising after citizens angered by high inflation and the fall in Rial value took to the streets. Demonstrators and security forces clashed, leading to the loss of hundreds of lives.
In the U.S. today, data released by the Department of Labor revealed that the initial jobless claims fell by 9,000 from the previous week to 198,000 for the week ending January 10, against market expectations of an increase to 215,000.
Continuing jobless claims decreased to 1,884,000 for the week ending January 3, from 1,903,000 in the previous week.
The four-week average of jobless claims decreased to 205,000 on January 10 from 211,500 from the previous week.
The U.S. Federal Reserve's next FOMC meeting is scheduled for January 27-28.
Fed Chair Jerome Powell is facing an investigation opened by the Department of Justice in connection with financial overruns during the renovation of the Federal Reserve building last year.
Trump has been criticizing Powell for keeping the rates too high. However, in relation to the new probe, Trump stated that he has no plans to oust Powell from his current job.
The Russia-Ukraine war shows no sign of stopping. Over 300 drones and missiles from Russia targeted power plants and substations in Ukraine, while Ukrainian counterstrikes targeted Rostov Oblast, and a power facility in Russia-occupied Luhansk region of Ukraine.
The U.S.-authored peace plan to end the Russia-Ukraine war is in limbo. While Ukraine and its European allies accused Russia's President Vladimir Putin of blocking the deal, Russia expressed serious disagreements on some tenets of the deal. Emboldened by its allies, Ukraine has ruled out any territorial concession to Russia.
Trump yesterday stated that though Putin is ready to make a deal Ukraine is less ready.
Investors are now betting on a 95.0% chance that the Fed will keep rates unchanged in its upcoming meeting, according to CME Group's FedWatch Tool.
The much-expected ruling on tariffs by the U.S. Supreme Court was not delivered yesterday. The top court is set to decide on the legality of Trump's powers to levy very high tariffs on the trading partners of the U.S.
Trump warned that any decision that removes the tariffs would prove disastrous to the U.S. economy.
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