RTTNews - Gold prices inched higher on Thursday and again extended a six-week high. The metal rose an increased hedge appeal as disappointing employment data outweighed a modest recovery for stocks in the U.S. and Europe.
June gold finished the session at $928.40 per ounce, a gain of $2.50 for the session. The metal rose for the third time in four sessions this week after gaining more than $25 last week.
The weekly U.S. Labor Department report said initial jobless claims jumped to 637,000 for the week ended May 9th. This was up 32,000 from the previous week's revised total of 605,000.
A separate Labor Department report showed that the producer price index rose 0.3 percent in April following an unrevised 1.2 percent decrease in March. Economists had been expecting a slightly more modest increase in prices of about 0.2 percent.
The dollar also saw weakness on Thursday afternoon in New York on increased risk appetite. With the decline, the dollar drifted toward a recently-seen seven-week low against the euro and toward a four-month low against the pound.
Silver prices also climbed to $14.04 per ounce, up 2 cents for the session.
On the downside for metals, copper for July delivery finished slightly lower after briefly touching below the $2.00 per pound mark for the first time in two weeks.
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