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2020.07.2319:08:00UTC+00Gold Futures Settle Higher Again, Look All Set To Scale New Peak

Gold prices moved higher on Thursday, extending gains to a fifth straight session, and now look all set to re-write history by scaling a new all-time peak.

Rising concerns about global economy due to the impact of the coronavirus pandemic, an escalation in tensions between the U.S. and China, and the dollar's continued slide prompted investors to seek the safe-haven asset. Investors were also betting on more stimulus from the U.S. government.

The dollar index slipped to a low of 94.59 a little before noon, and was last seen at 94.70, down 0.3% from previous close.

Gold futures for August ended up $24.90 or about 1.3% at $1,890.00 an ounce, nearly $8.00 off the day's high of $1,897.70, and just a shade short of a record closing high of $1,891.90 posted on August 22, 2011.

The highest intra-day level of $1,923.70 an ounce, too is just a striking distance away as of now.

Silver futures for September settled lower by $0.156 at $22.988 an ounce, while Copper futures for September closed at $2.9385 per pound, gaining $0.0140 for the session.

The Trump administration's decision to close China's consulate in Houston over concerns about spying has sent U.S.-China relations to a new low.

China vowed to retaliate and said the unilateral closure within a short period of time is an unprecedented escalation of its recent actions against China.

Meanwhile, U.S. deaths from the coronavirus rose by more than 1100 for a second day in a row Wednesday, while total cases neared 4 million.

Data from the Labor Department showed jobless claims in the U.S. saw a notable increase in the week ended July 18th after reporting decreases in first-time claims for fifteen straight weeks.

The report said initial jobless claims jumped to 1.416 million, an increase of 109,000 from the previous week's revised level of 1.307 million. Economists had expected jobless claims to come in unchanged at the 1.300 million originally reported for the previous month.

Jobless claims increased for the first time since late March but remain well below the record high of 6.867 million set in the week ended March 28th.

A report released by the Conference Board showed a significant increase in its reading on leading U.S. economic indicators in the month of June. The report said that the CB's leading economic index jumped by 2% in June after soaring by an upwardly revised 3.2% in May and plunging by 6.3% in April.

Economists had expected the index to surge up by 2.5% in June compared to the 2.8% spike originally reported for the previous month.

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