Spot prices of precious metals rose on Thursday after an unemployment report from the United States seemingly made traders believe the increase in jobless claims would result in a slowdown of the Federal Reserve’s restrictive monetary policy that aims to push inflation down.
The market appeal of gold is often negatively affected by rising interest rates and the latest data could have offered investors some optimism about the yellow metal’s potential in 2023.
Gold increased by 0.71% to $1,817.33 per ounce at 1:42 pm ET. Silver gained 2.04% and reached $23.97 per ounce at the same time. Platinum advanced 4.68% to $1,057.61 per ounce at 1:43 pm ET. Palladium climbed up 0.44% to $1,781.60 per ounce concurrently.