
Gold stabilizes after strong us data drags bullion below $1,900/oz
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Gold and silver bars of various sizes at the precious metals dealer Pro Aurum in Munich. Sven Hoppe | Picture Alliance | Getty Images Gold regained some ground on Thursday as traders took
advantage of a brief dip below the key psychological $1,900 level that was driven by a volley of robust U.S. economic readings. Spot gold edged up 0.1% at $1,908.4 per ounce by 1:52 p.m. EDT
(1752 GMT). U.S. gold futures settled 0.2% lower at $1,917.90. Prices fell under $1,900 for the first time since mid-March after the data as the dollar index firmed 0.4%, making bullion
less attractive for overseas buyers. Benchmark 10-year Treasury yields rose. "We've seen prices move down from $2,000 to $1,900 and that in itself is going to bring about some
bargain hunting," said David Meger, director of metals trading at High Ridge Futures. U.S. jobless claims fell last week by the most in 20 months, pointing to labor market strength that
also helped prop up gross domestic product in the first quarter. "It was a one-two punch taking gold another leg lower ... and then the hawkish central banks haven't helped out at
all," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago. Federal Reserve Chair Jerome Powell said most of the central bank's policymakers expect they
would need to raise interest rates at least twice more by year-end with U.S. inflation well above the 2% goal and a labor market that's still very tight. While gold is considered an
inflation hedge, rising rates dull non-yielding bullion's appeal, with current rate expectations putting it on course to end the quarter in negative territory for the first time since
September 2022. Traders awaited May's personal consumption expenditure data, the Fed's favored inflation gauge, on Friday. Silver fell 0.6% to $22.59 per ounce, while platinum
dropped 1.6% to $896.55, an eight-month low. Palladium dipped 1.6% to $1,228.50, hovering near its lowest since December 2018.