Gold futures snapped a three-day winning streak and ended lower on Thursday as the dollar firmed against its major counterparts, and bond yields rose on concerns U.S. interest rates could stay higher for longer.<\/p>\n
The dollar index climbed to 105.18, gaining nearly 0.7%.<\/p>\n
Gold futures for April ended lower by $4.90 or about 0.3% at 1,840.50 an ounce.<\/p>\n
Silver futures for May drifted down $0.194 to settle at $20.901 an ounce, while Copper futures for May ended down $0.0840 at $4.0760 per pound.<\/p>\n
The dollar climbed, as Atlanta Fed President Raphael Bostic said on Wednesday that the Fed needs to lift funds rate to between 5% and 5.25% and keep there “well into 2024” in order to bring inflation under control.<\/p>\n
Minneapolis Fed President Neel Kashkari also called for higher rates, adding he is “open-minded” on either a 25- basis point or a 50-basis point rate hike at the U.S. central bank’s next meeting in March.<\/p>\n
In economic news today, data released by the Labor Department showed initial jobless claims edged down to 190,000 in the week ended February 25th, a decrease of 2,000 from the previous week’s unrevised level of 192,000. Economists had expected jobless claims to inch up to 195,000.<\/p>\n