Gold settles at lowest in 7 weeks
Gold extended losses on Thursday and settled at its lowest level since April 4 amid better-than-expected US data, as investors await the Federal Reserve Chair Yellen speech on Friday.
Gold for June delivery fell $3.40, or 0.3% to settle at $1,220.40 an ounce on Comex, after trading between $1,218 and $1,234 throughout the session.
On Thursday, data showed durable goods orders increased a seasonally adjusted 3.4% in April above the 0.4% rise expected. Meanwhile, initial jobless claims dropped to 268K in the week ended May 20, below the 275K of consensus.
The metal has been under broad pressure over the last days amid increasing expectations the Federal Reserve is moving towards another rate hike, so investors will pay especial attention to Janet Yellen speech tomorrow for signals on whether June will be the meeting.
Author
Ani Salama
FXStreet
Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.
