2018.07.1914:09:00UTC+00Gold Trims Losses As Dollar Pares Gains After Trump Remarks On Rate Hike

Gold futures recovered some lost ground towards the end of the session on Thursday as the dollar pared most of its gains, but still ended at 1-year low.

Gold futures for August delivery ended down $2.50 or 0.2% at $1,225.40 an ounce, rebounding from of $1,211.20.

Gold's sharp setback earlier in the session was due to the dollar's rise against most major currencies and data showing an unexpected drop in first-time claims for U.S. employment benefits last week. Silver futures for September are down $0.104 or 0.67% $15.470 an ounce, while Copper futures for September are down $0.049 or 1.78% at $2.711 per pound.

The dollar index rose to a high of 95.44. However, President Donald Trump's reported statement that he disagreed with the Federal Reserve's strategy to gradually hike interest rates pulled the sting out of the greenback.

Trump is reported to have told in an interview that he isn't "thrilled" that the Federal Reserve is hiking interest rates.

"Because we go up and every time you go up they want to raise rates again. I don't really - I am not happy about it," Trump reportedly said.

The dollar index is currently down 0.09 or 0.09% at 94.75.

According to a report released by the Labor Department, initial jobless claims fell to 207,000 for the week ended July 14, the lowest level in nearly five decades, and a decrease of 8,000 from the previous week's revised level of 215,000.

Economists had expected jobless claims to inch up to 220,000 from the 214,000 originally reported for the previous week.

Meanwhile, the Conference Board's leading economic index climbed by 0.5% in June after revised data showed no change in May. Economists had expected the index to rise by 0.4% compared to the 0.2% uptick originally reported for the previous month.