Modest price gains for gold following as-expected U.S. GDP, jobless claims

  • 04/29/2021
  • Source: Kitco
  • by: Jim Wyckoff
Modest price gains for gold following as-expected U.S. GDP, jobless claims
(Kitco News) - Gold prices are a bit higher in early U.S. trading Thursday, in the immediate aftermath of two key U.S. economic reports that came in close to market expectations. The gold and silver markets are languishing this week as the bulls work to keep alive price uptrends on the daily bar charts. June gold futures were last up $2.40 at $1,776.30 and July Comex silver was last up $0.302 at $26.435 an ounce.

The just-released first-quarter U.S. gross domestic product report showed a rise of 6.4% compared to market expectations for a rise of 6.5% from the fourth quarter. Meantime, the weekly U.S. jobless claims report showed 553,000 new claims, compared to expectations of 528,000 in new claims. Markets showed little reaction to these reports that came in close to market expectations.

Global stock markets were mostly up overnight. U.S. stock indexes are pointed toward higher openings and new record highs when the New York day session begins. The marketplace is upbeat late this week after Wednesday's conclusion of the FOMC meeting that saw the U.S. central bank keep its monetary policy very accommodative, and also after President Biden's Wednesday evening address to Congress, in which he laid out plans for a massive $1.8 trillion economic stimulus program. "In this environment it is very difficult to be bearish," said one stock market analyst. Federal Reserve Chairman Jerome Powell on Wednesday afternoon dismissed the notion of price inflation getting out of control, saying presently rising inflation levels are due to "transitory factors."
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