Gold futures settle higher
Gold futures settled higher on Thursday, extending winning streak to the third session in a row after the weaker inflation data buoyed anticipations for an interest rate cut by the US Central Bank this year. Nagging trade tensions between the US and China and intensifying Middle East unease also lured investors into the haven asset. The yellow metal futures as of the most active contract has marked 11th gain out of 12 sessions and is up more than 2% month to date.
Gold futures for August delivery settled up 0.5% at $1,343.70 an ounce on the Comex division of the New York Mercantile. Spot gold rose 0.5% to $1,340.13 per ounce.
Copper futures end tad higher
Copper futures ended marginally higher on Thursday after weak US data reinforced prospects of rate cuts from the US central bank but worries about demand in top consumers China and the United States capped gains. Reports showing the number of people in the US filing for unemployment benefits unexpectedly rose last week, adding to concerns about US labour market after job growth slowed sharply in May.
Copper futures for July delivery added 0.1 percent to settle at $2.657 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange closed up 0.1 percent at $5,858 per tonne.
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