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U.S. markets are closed in observance of Good Friday.
Gold posted modest losses at the end of Thursday’s trading session, as data signaling further growth in the U.S. economy eroded demand for the yellow metal. Talk of soft physical demand in China coupled with reports of funds selling gold positions weighed on prices as well.
Data released Thursday showed consumer confidence rose from a nine-week low as Americans grew more upbeat about the economy, while a separate report revealed jobless claims were close to their lowest level in almost seven years.
Meanwhile, the Federal Reserve Bank of Philadelphia reported that its manufacturing index rose to 16.6 in April, the highest level since September, smashing analysts’ expectations for the index to tick up to 10.
Thursday’s reports bolstered the dollar and helped underscore investor expectations for the U.S. economic recovery to remain on track, though the data caught markets by surprise in the aftermath of Wednesday’s comments from Federal Reserve Chairwoman Janet Yellen.
In comments delivered before the Economic Club of New York on Wednesday, Yellen said monetary policy will need to remain accommodative for some time, citing slackness in the labor market and low inflation.
This week’s mix of both bullish and bearish fundamentals for the gold market, Tuesday’s dramatic sell-off, and updates to 2014 investment bank forecasts for bullion have precious metals investors sharply divided in their opinions of what’s next for gold prices. For further insight and analysis of this week’s gold market, check out the latest episode of “The Vault.”
On this week’s episode, Brian Baker, host of “The Vault,” challenges the Federal Reserve's assertion that higher inflation leads to lower unemployment and a more robust U.S. economy, while Mike Getlin, CEO of Merit Gold, breaks down this week's gold market, tells viewers the truth about bullion demand in China, and offers his take on the inflation versus deflation argument as well.
Click here for this week’s episode of “The Vault.”
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Market News Archive
This week on the Vault, Brian returns to the hosting chair with a challenge to the Federal Reserve's assertion that higher inflation leads to lower unemployment and a more robust U.S. economy. Mike Getlin, CEO of Merit Gold breaks down this week's gold mark...watch more
Gold Standard with Brian Baker
Mike Getlin, CEO of Merit Gold joins Brian to discuss this week's gold market, why the metal is languishing amid several bullish drivers, and long-term fundamentals versus short-term fundamentals.watch more
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