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2020.04.1618:36:00UTC+00Gold Futures Settle Lower For 2nd Straight Day

Gold prices edged lower on Thursday, extending losses from previous session, as the dollar firmed up further against most of its peers.

A slight drop in unemployment claims, compared to a week earlier, probably prompted investors to seek riskier assets.

Reports saying many countries in Europe are planning to ease restrictions following the flattening of the coronavirus infection curve offered some support to global equities.

The dollar index rallied to 100.30 before paring some gains. It was last seen at 100.06, still up with a fairly strong 0.6% over its previous close.

Gold futures for June ended down $8.50, or about 0.5%, at $1,731.70 an ounce, retreating sharply from an early high of $1,768.00.

Silver futures for May ended up $0.117 at $15.622 an ounce, while Copper futures for May settled at $2.2910 per pound, down $0.0050 from previous close.

According to the data from the Labor Department more than 5 million filed for unemployment claims last week, although that reflects a decrease from the more than 6 million that filed for the first time in the previous week.

The Labor Department said initial jobless claims dropped to 5.245 million, a decrease of 1.370 million from the previous week's revised level of 6.615 million. Economists had expected jobless claims to drop to 5.105 million from the 6.606 million originally reported for the previous month.

Meanwhile, the Commerce Department's report said housing starts plunged by 22.3% to an annual rate of 1.216 million in March from a revised rate of 1.564 million in February.

The Commerce Department said building permits also tumbled by 6.8% to an annual rate of 1.353 million in March from the revised February rate of 1.452 million.

A separate report from the Federal Reserve Bank of Philadelphia showed a substantial contraction in regional manufacturing activity in the month of April.

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