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Gold, silver lower ahead of U.S. jobless claims, CPI data

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Investing.com -

Investing.com - Gold and silver prices edged lower on Thursday, as investors looked ahead to key U.S. data later in the session for further indications on the strength of the economy and the need for stimulus.

On the Comex division of the New York Mercantile Exchange, gold for June delivery shed 0.21%, or $2.80, to trade at $1,303.10 a troy ounce during U.S. morning hours.

Prices held in a range between $1,301.50 and $1,307.30 an ounce. Gold climbed to $,1309.20 an ounce on Wednesday, the most since May 7, before settling at $1,305.90, up 0.86%, or $11.10.

Gold prices were likely to find support at $1,289.10 an ounce, the low from May 13 and resistance at $1,315.00, the high from May 7.

Also on the Comex, silver for July delivery declined 0.44%, or 8.7 cents, to trade at $19.68 a troy ounce. Futures rallied to $20.00 an ounce on Wednesday, the most since April 15, before settling at $19.77, up 1.17%, or 22.8 cents.

Silver futures were likely to find support at $19.36 an ounce, the low from May 13 and resistance at $20.00, the high from May 14.

The U.S. is to release data on initial jobless claims, consumer inflation and industrial production, as well as a report on manufacturing activity in the Philadelphia region later Thursday.

Meanwhile, the dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.2% to trade at 80.28.

A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.

Elsewhere in metals trading, copper for July delivery inched up 0.18%, or 0.6 cents, to trade at $3.166 a pound.

In the euro zone, data released earlier showed that the region's economy grew less-than-expected in the first three months of the year, as growth in the French economy stalled.

Eurostat said that the euro zone's gross domestic product grew by a seasonally adjusted 0.2% in the first quarter, below expectations for growth of 0.4%.

The red metal rallied to a ten-week high on Wednesday amid speculation demand from top consumer China will increase in the near-term. The Asian nation is the world's largest copper consumer, accounting for almost 40% of world consumption last year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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