2019.12.2618:19:00UTC+00Gold Futures Extend Gains To 3rd Straight Session

Gold prices moved higher on Thursday, extending gains to a third straight session, as the dollar eased against some major currencies.

Traders appeared to be seeking the safe-haven asset amid uncertainty about the near term outlook for equities due to lingering worries about global economic slowdown.

Festival season demand for the yellow metal contributed as well for the uptick in the values of the futures contracts.

The dollar index eased to 97.49, down 0.17% from previous close.

Gold futures for February ended up $9.60, or about 0.6%, at $1,514.40 an ounce, the highest settlement since October 31.

On Tuesday, gold futures for February ended up $16.10, or 1.1%, at $1,504.80 an ounce.

Silver futures for March ended up $0.137 at $17.990 an ounce, while Copper futures for March ended higher by $0.0215 at $2.8490 per pound.

In economic news, data released by the Labor Department showed a continued pullback in first-time claims for U.S. unemployment benefits in the week ended December 21st.

The data said initial jobless claims fell to 222,000, a decrease of 13,000 from the previous week's revised level of 235,000. Economists had expected jobless claims to drop to 224,000 from the 234,000 originally reported for the previous week.

Jobless claims fell for the second straight week after reaching their highest level since September of 2017 in the week ended December 7th.

Meanwhile, on the trade front, there is continued optimism that China and the U.S. will sign a phase one trade deal in January.