Gold futures prices closed higher on Thursday because the previously announced report on the number of people claiming unemployment benefits in the United States showed that since the beginning of the new crown virus pandemic nearly five months ago, the number of initial jobless claims fell below 1 million for the first time.

The price of gold futures for December delivery on the New York Mercantile Exchange rose 21.40 US dollars to close at 1970.40 US dollars per ounce, an increase of 1.1%. The intraday hit a low of 1923 US dollars per ounce. According to statistics from financial information provider FactSet, in the transactions so far this week, gold futures prices have fallen by more than 3%.

The U.S. Department of Labor released a report earlier on Thursday, stating that the number of people claiming unemployment benefits for the first time in the United States as of August 7 was 963,000, which was far lower than the 1.1 million economists had previously expected. The number of initial jobless claims dropped to below 1 million for the first time since January. Compared with the 1.19 million initial jobless claims in the week at the end of July, this figure is a slight improvement, and for safe haven assets like gold, this is a somewhat pessimistic development. After the initial jobless claims data was announced, the price of gold futures briefly fell below $1930 per ounce, and then fluctuated upward.

Will Cai, a partner and principal of Wilshire Phoenix Funds, said: “In this uncertain period, we expect gold prices to fluctuate. This week’s callback is not unexpected, and even what some people hoped for, because the profit is closed. , Price corrections and consolidation may pave the way for further upward movement.”

Although the number of people claiming unemployment benefits for the first time has decreased, some experts said that because the number of people who filed for unemployment benefits for the first time is still higher than the level before the new coronavirus pandemic, gold prices have managed to hold their ground. Naeem Aslam, AvaTrade’s chief market analyst, wrote in a daily report: “The reason we did not see any substantial sell-off in gold prices is that compared with normal figures, the United States The number of people claiming unemployment benefits for the first time is still very high.” He also added: “The number of people claiming unemployment benefits for the first time is far better than market expectations, which pushed up the stock market. The fact is that the US economy has become more resistant to the epidemic. He is trying his best to find a way out.”

Will Cai believes that for now, investors should “not treat gold as a short-term bet, but as a hedge and diversified investment in a long-term portfolio.”

As of the close of the gold futures market on Thursday, the Intercontinental Exchange (ICE) U.S. dollar index, which tracks changes in the U.S. dollar against six major international currencies, fell 0.1%. Under normal circumstances, a fall in the exchange rate of the U.S. dollar will increase the price of commodity futures denominated in U.S. dollars, such as gold and crude oil, because investors holding other currencies will have lower costs for buying these commodities.

At the same time, silver prices performed better than gold on Thursday. The price of silver futures for September delivery rose by 1.74 US dollars to close at 27.718 US dollars per ounce, an increase of 6.7%, marking the largest single-day percentage drop since July 27. On the previous trading day, the price of silver futures fell 0.3%.

In other metal transactions on the New York Mercantile Exchange, the price of copper for September delivery fell 2.9% to close at $2.807 per pound. Platinum prices for October delivery rose 2.5% to close at $983 per ounce. Palladium prices for September delivery rose 2.2% to close at $2216.80 per ounce.