Gold adds $23 at settlement amid prospects for monetary tightening end

Gold prices advanced at settlement today, Nov. 16, with investors assessing the latest data on US jobless claims which came in at a three-month high — an indication of slowing inflationary pressures in the labor market.

Bullion for December delivery skyrocketed by 1.15%, or $23, to close at $1,987.30 per ounce, after touching $1,991.10 an ounce in early trading.

Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, shed 0.10% to stand at 104.31 points at 09:29 pm Makkah time.

Today’s data showed that US unemployment claims increased by about 13,000 applications to 231,000 in the week ended Nov. 11, against expectations for 222,000 applications.

This came as the Senate avoids the risk of an imminent partial shutdown of the US government, after passing a temporary spending bill and sending it to President Joe Biden for final approval before a deadline of the beginning of next week.