Gold gains on higher US jobless claims, economic recovery fears

Gold recovered on Thursday from a side of more than 3 per cent in the last session, after US jobless claims unexpectedly topped one million again and the US Federal Reserve minutes reiterated concerns over economic recovery.[BENGALURU] Gold recovered on Thursday from a side of more than 3 per cent in the last session, after US jobless claims unexpectedly topped one million again and the US Federal Reserve minutes reiterated concerns over economic recovery.

Spot gold rose 0.6 per cent to US$1,940.14 per ounce by 1.42pm EDT . US gold futures settled down 1.2 per cent to US$1,946.50. "The Fed minutes reiterated the need for people to own gold, they were still concerned about the coronavirus and its impact on the economy - that shows they want to stay accommodative and help consumers stay afloat," said Michael Matousek, head trader at US Global Investors.

Minutes from the US central bank's last policy meeting showed policymakers were concerned the economy faced a highly uncertain path and more monetary support may be needed, although they downplayed the need for yield caps and targets. An unexpected rise in US jobless claims to back above one million last week was also helping gold, analysts said.

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