Gold rises as U.S. dollar weakens

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar weakened.

The most active gold contract for June delivery rose 11.80 U.S. dollars, or 0.59 percent, to close at 2,019.10 dollars per ounce.

Economic data released on Thursday were mixed. The U.S. Labor Department reported that U.S. initial jobless claims rose by 5,000 to 245,000 in the week ending April 15. Economists expected claims of 247,500.

The Philadelphia Fed Manufacturing Index slumped to negative 31.3 in April from negative 23.2 in the prior month. This is the eighth straight reading below zero and the tenth in the last 11 months.

The National Association of Realtors said that U.S. total existing-home sales fell 2.4 percent from February to a seasonally adjusted annual rate of 4.44 million in March. Year-over-year, sales declined 22 percent from 5.69 million in March 2022.