Gold eased into a tight range on Thursday as a stronger dollar countered support from weaker-than-expected US economic data, which reinforced bets for a pause in the Federal Reserve's rate hikes and added to wider economic risks, reports Reuters.
Spot gold was mostly unchanged at $2,029.46 per ounce by 9:39 am EDT (1339 GMT), giving up small gains after the jobs data in relatively choppy trading. US gold futures ticked down 0.1 per cent to $2,034.00.
Keeping gold subdued, the dollar advanced 0.5 per cent, making bullion more expensive for overseas buyers.
The number of new US jobless claims jumped last week to the highest level since late 2021, while US producer prices posted the smallest annual increase in April in more than two years.
Also buoying safe-haven bullion was concerns surrounding the US debt ceiling and weak Chinese data.
On Wednesday, data showed the annual increase in US consumer prices slowed to below 5 per cent in April for the first time in two years, but remained well above the Fed's 2 per cent target.
Spot silver fell over 3 per cent to $24.64 per ounce, platinum shed 0.4 per cent to $1,109.94 and palladium lost 0.5 per cent to $1,598.64.
Gold mostly unchanged
FE Team | Published: May 11, 2023 23:15:52
Gold mostly unchanged
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