CHICAGO, Feb. 29 (Xinhua) — Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. Treasury’s bond yields weakened.
The most active gold contract for April delivery rose 12.00 U.S. dollars, or 0.59 percent, to close at 2,054.70 dollars per ounce.
Federal Reserve Bank of San Francisco President Mary Daly said Thursday on Bloomberg Television’s Wall Street Week that central bank officials are ready to lower interest rates as needed but emphasized there is no urgent need to cut given the strength of the economy.
“We are ready to make moves and adjust as the data demands us to do,” Daly said.
In separate remarks Thursday, Atlanta Fed President Raphael Bostic said recent inflation readings indicate there are “some bumps along the way” to the Fed’s 2-percent goal, and reiterated the view that it will likely be appropriate to cut rates this summer.
Chicago Fed President Austan Goolsbee said during a webinar sponsored by Princeton University’s Bendheim Center for Finance on Thursday that he believes the economy has made very substantial progress over a long-term basis, and that a rebound in inflation in January should not eclipse that.
Economic data released Thursday were mixed. The U.S. Labor Department reported that U.S. applications for unemployment benefits rose by 13,000 to 215,000 for the week ending Feb. 24.
The Institute for Supply Management-Chicago’s Chicago Business Barometer slipped to 44.0 in February from 46.0 in January.
The U.S. Commerce Department reported that U.S. Personal Consumption Expenditures (PCE) price index rose 0.3 percent in January, breaking a stretch of mild increases. Core PCE, the measure of underlying inflation that excludes volatile energy and food items, rose 0.4 percent, the quickest since January 2023.
February jobs report will be released on Friday next week.
Silver for May delivery rose 24.90 cents, or 1.10 percent, to close at 22.885 dollars per ounce. Platinum for April delivery fell 1.10 dollars, or 0.12 percent, to close at 884.00 dollars per ounce.
Source Agencies
