Gold Prices Below $1,500 After Large Drop in Jobless Claims
The number of Americans filing applications for unemployment benefits dropped 12,000 last week, back near a 50-year low. Jobless claims came in at 209,000 for the week ended August 17, indicating continuous underlying strength in the labor market.
Fed States Tariffs Risk “Significant Negative Effects” on Economy, Price of Gold Holds Steady
Policymakers who attended the July Federal Reserve meeting reportedly cited the trade war as a major, ongoing threat to economic progress, as well as the general slowdown seen worldwide. The rate cut introduced in late July was aimed as insurance against these recessionary pressures.
Key Takeaways
Gold Price Sees Pressure as Home Sales Rise More Than Expected in July
US home sales in July rose above expectations in July, with a strong labor market and the effects of lower mortgage rates boosting the struggling housing market.
US Consumer Sentiment Hits 7-Month Low, Gold Price Falls
Gold prices saw a brief recovery before dipping further following the release of a consumer sentiment report from the University of Michigan. The report indicates that consumer sentiment hit a 7-month low in August amid growing concerns surrounding the trade conflict between the US and China.
Gold Price Ticks Downward Amid Mixed Housing Market Data
The number of US homes which began construction fell again for the third month in a row in July, led by a sharp drop in the construction of multi-family homes like apartment complexes. At 1.191 million units, housing starts were well below projections of 1.257 million. However, permits, an indicator of future construction, saw a sharp increase.
Strong Manufacturing Reports Ease Fears of Recession, Gold Prices Slip
Business activity indices for New York and Philadelphia released simultaneously on Thursday morning show ongoing expansion in August, easing worries of a decline. While the US/China trade war has had a major negative impact on manufacturing, the latest report showed results well above expectations.
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