Latest Market News
The U.S. Department of Labor said earlier the number of individuals filing for initial jobless benefits in the week ending July 19 declined by 19,000 to a seasonally adjusted 284,000 from the previous week’s total of 303,000. Analysts had expected jobless claims to rise by 5,000 to 308,000 last week.
The report further stoked recent speculation that the U.S. Central Bank is edging closer to raising interest rates. Federal Reserve Chairwoman Janet Yellen said in testimony before the Senate Banking Committee last week that policymakers could consider a rate hike if conditions in the U.S. Labor Market continued to surprise to the upside.
Optimism on Wall Street was tempered, however, by data showing sales of new U.S. homes plunged in June, a sign that real estate continues to be a weak spot in the economy. New home sales fell 8.1 percent last month to a seasonally adjusted annual rate of 406,000, according to the Commerce Department. The report also revised down the May sales rate to 442,000 from 504,000.
Meanwhile, traders awaited new developments from Ukraine and the Middle East.
Pro-Russian rebels shot down two Ukrainian fighter jets on Wednesday, not far from where the Malaysian Airlines passenger plane was brought down in eastern Ukraine late last week.
In Gaza, U.S. Secretary of State John Kerry said Wednesday that efforts to secure a truce between Israel and Hamas had made some progress.
Gold was also under pressure Thursday from stronger equity markets after signs of improving economic conditions in Europe and China.
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Market News Archive
This week on The Vault: Brian reviews gold's arguably lackluster response to this week's market drivers and warns investors against becoming overly apathetic in their approach to their retirement portfolio. Plus, Mike Getlin, CEO of Merit Gold joins Brian t...watch more
Gold Standard with Brian Baker
In a preview of his upcoming appearance on "The Vault," Mike Getlin, CEO of Merit Gold joins Brian to talk this week's economic data, the impact of short-term institutional investors on the gold market, the questions we should be asking about corporate prof...watch more
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