logo
Plus   Neg
Share
Email

Gold Rally Ends With Thud

Gold futures tumbled Thursday, reversing recent gains amid increased risk appetite.

Stocks rallied and the dollar strengthened after President Trump eased fears of a wider conflict in the Middle East.

With gold's safe haven appeal diminished, June gold June fell $18.10, or 1.3%, to settle at $1,341.90/oz. That snapped a 5-day win streak.

"Never said when an attack on Syria would take place. Could be very soon or not so soon at all! In any event, the United States, under my Administration, has done a great job of ridding the region of ISIS. Where is our 'Thank you America?'" Trump tweeted.

In ecnonomic news, U.S. import prices came in unchanged in March, while export prices increased by more than expected.

The Labor Department said import prices recorded no change in March after climbing by 0.3 percent in February. Economists had expected import prices to rise by 0.2 percent.

First time claims for unemployment benefits decreased in the week ended April 7th.

The report said initial jobless claims fell to 233,000, a decrease of 9,000 from the previous week's unrevised level of 242,000. Economists had expected jobless claims to drop to 230,000.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT