RTTNews - Gold jumped above $950 per ounce on Thursday and posted in best close in almost two months. The metal's hedge appeal received a boost as the dollar saw further weakness against other majors.
June gold ended the session at $951.20 per ounce, up $13.80 on the session. Prices climbed as high as $956.90 earlier in the session.
Gold has been trending higher throughout the month of May and has added about $60 per ounce. This week, the metal is up about $20 an ounce.
The dollar continued to decline versus other majors on Thursday in New York. The buck reached a four-month low against the euro, a seven-month low versus the pound and a two-month low against the Japanese yen. Gold usually moves opposite the dollar because of the precious metal's hedge appeal.
On the economic front, the Labor Department revealed that initial jobless claims came in at 631,000 for the week ended May 16th. This was down 12,000 from the previous week's revised total of 643,000.
Continuing claims climbed to 6.662 million - yet another record high.
The Philadelphia Fed index of manufacturing activity improved to a negative-22.6 in May, after coming in at negative-24.4 in the previous month. And the Conference Board said its index of leading economic indicators rose 1.0 percent in April.
In other metal trading, copper fell 5.65 cents to finish at $2.05 per pound on demand concerns.
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