Gold grows to 5-month peaks on US missile strikes on Syria

Gold grows to 5-month peaks on US missile strikes on Syria

On Friday, gold ascended to five-month highs after the US missile strikes on a Syrian air base controlled by Bashar al-Assad's forces.

In New York, April delivery gold futures grew 0.93%, trading at $1,265.00 a troy ounce. Additionally, copper sagged 0.04%, being worth $2.658 a pound.

Overnight, gold ascended notwithstanding increased hopes for a June rate lift, after the publication of a better than expected initial jobless claims report.

Gold futures dropped from a session peak 1,260.65, after the US Department of Labor told that initial jobless claims went down by 25,000 to 234,000 by April 1 from last week’s revised total of 259,000.

Financial experts had expected jobless claims to edge down by 8,000 to 250,000 the previous week.

Meanwhile, hopes for June rate lift strengthened after the Fed issued the minutes from its March gathering on Wednesday.

Fed rate monitor tool states that up to 58% of market participants expect a rate lift in June compared to 50% of investors before the publication of the Fed minutes.

 

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