Spot gold climbed about $10 (+0.75%) on Thursday morning to trade above $1,314/oz.
Each of the other precious metals also posted gains.
Spot silver added 14¢ (+0.85%) to just shy of $16.50/oz.
Platinum was up 1.1% (+$10), moving back to $900/oz. Palladium rebounded to $965/oz, rising roughly 1% (+$10).
Jobless Claims Still Near Four-Decade Low
According to the Department of Labor, weekly jobless claims were up modestly to 211,000 new claims.
Continuing claims, the number of people already collecting unemployment benefits, actually fell.
The Bureau of Labor Statistics (BLS) also indicated that productivity was stronger during the first quarter but remains muted overall.
In a separate report from the Department of Commerce, the U.S. trade deficit fell more than 15% to a six-month low.
Across the Atlantic, European indices were in the red by about 0.4% this morning.
Inflation in Europe and the U.K. has struggled to pick up, much to the chagrin of the European Central Bank (ECB) and Bank of England (BOE).
Stocks were mixed in Asia overnight. Shares gained 0.8% in both Shanghai and Australia.
U.S. equities sank yesterday afternoon after the Federal Reserve stood pat on interest rates.
Fed Pursues Symmetry in Inflation
The decision by the FOMC to leave interest rates unchanged was not surprising, but it invites several questions.
“Symmetric” is the key word the FOMC is using to describe its current approach.
This means that the Fed wouldn’t mind if inflation surpassed 2% for a period of time in order to balance out years of running below this target.
10-year Treasurys saw their yield mostly unchanged at 2.95%.
The U.S. dollar traded in the green by the end of yesterday’s session.
Thursday morning saw the DXY index hold steady around 92.5.
The pound and euro were each off their recent lows. The yen gained 0.45% to ¥109.3 per dollar.
Crude oil prices closed higher Wednesday despite an unexpectedly large increase in U.S. petroleum stockpiles.
Wall St had trouble finding its footing again on Thursday: All three major indices were down at the opening bell.
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