Tue. Jan 31st, 2023

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Gold prices change a little

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Gold bars

Gold prices steadied on Thursday as investors balanced elevated U.S. jobless claims that undermined a nascent economic recovery with U.S. President Donald Trump’s threat to veto a long-awaited stimulus bill.

Spot gold was little changed at $1,872.60 per ounce by 0057 GMT, after climbing as much as 1% in the previous session. U.S. gold futures fell 0.1% to $1,877.00.

Gold has gained more than 23% this year, largely driven by its appeal as a hedge against inflation and currency debasement in the wake of unprecedented stimulus measures unveiled to mitigate the impact of the pandemic.

Silver rose 1% to $25.38 an ounce. Platinum climbed 0.5% to $1,007.11 and palladium gained 0.2% to $2,318.12.

Data on Wednesday showed the number of Americans filing first-time claims for unemployment benefits unexpectedly fell last week, though remained elevated.

Data also showed consumer spending slipped in November for the first time since the recovery from the coronavirus recession started in May and personal income fell 1.1%.

In a video posted to social media on Tuesday evening, Trump demanded lawmakers change the coronavirus aid part of the spending bill to include $2,000 payments to each American, more than triple the $600 per person provided.

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