Gold Futures Settle Slightly Higher

Gold futures settled marginally higher on Wednesday, snapping a 4-day losing streak, despite a steady dollar and some upbeat economic data.

The dollar index climbed to 96.94, gaining nearly 0.5%.

Gold futures for December ended higher by $0.50 at $1,784.30 an ounce.

Silver futures for December gained $0.061 to settle at $23.496 an ounce, while Copper futures for December settled at $4.3915 per pound, gaining $0.0355 for the session.

Data released by the Labor Department showed first-time claims for U.S. unemployment benefits slid to their lowest level in over fifty years in the week ended November 20th.

The data said initial jobless claims tumbled to 199,000, a decrease of 71,000 from the previous week's revised level of 270,000. Economists had expected jobless claims to edge down to 260,000 from the 268,000 originally reported for the previous week.

With the much bigger than expected decrease, jobless claims fell to their lowest level since hitting 197,000 in November of 1969.

Revised data released by the Commerce Department showed the U.S. economy grew by slightly more than previously estimated in the third quarter, advancing by 2.1%, compared to the previously reported 2% increase. Economists had expected the pace of GDP growth to be upwardly revised to 2.2%.

Personal income in the U.S. rebounded by more than expected in the month of October, climbing by 0.5%, according to a report released by the Commerce Department. Personal income had slumped by 1% in September. Economists had expected personal income to edge up by 0.2%.

The report also showed personal spending surged up by 1.3% in October following a 0.6% advance in September. Spending was expected to increase by 0.9%.

Another report from the Commerce Department said new home sales in U.S. rose by 0.4% in October after spiking 7.1% in September. Economists had expected new home sales to decrease by 1.3%.

The University of Michigan released a report showing its reading on consumer sentiment in the U.S.in November was upwardly revised to 67.4 from the preliminary reading of 66.8. Economists had expected the index to be upwardly revised to 66.9.

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