Gold prices steady as US jobless claims rise to 210K; crude oil drops

Gold prices steady as US jobless claims rise to 210K

Gold was little changed on Thursday as steady safe-haven demand fuelled by the West Asia conflict helped bullion weather pressure from strong US data that quelled recession fears.

Spot gold was nearly unchanged at $1,977.79 per ounce by 1131 GMT. Earlier in the session, prices were just shy of the five-month high hit on last Friday. US gold futures fell 0.4% to $1,987.70. The US economy grew at its fastest pace in nearly two years in the third quarter, again defying dire warnings of a recession that lingered since 2022.  A separate report from the Labour Department highlighted labour market resilience after data showed the number of people filing new claims for state unemployment benefits rose to a seasonally adjusted 210,000 during the week ending October 21 from 200,000 in the prior week. Meanwhile, gold price jumped Rs 300 to Rs 62,000 per 10 grams in the national capital on Thursday amid strong cues in international 

markets.  agencies

Oil drops as bearish risks counter West Asia unrest
 

Oil prices fell by more than 1% on Thursday as worries about the global economy and energy demand weighed on sentiment, while investors eyed new developments from the conflict in the West Asia.

Brent crude futures were down $1.09, at $89.04 a barrel by 10:42 am EDT (1442 GMT), having settled nearly 2 per cent higher on Wednesday. US West Texas Intermediate crude futures slid by $1.23,to $84.16 a barrel. Fears of a spillover in the conflict between Israel and Hamas, which could embroil Iran and its allies in the region, have supported oil prices in recent weeks, but nervousness is also making investors steer clear of risky assets. The US and other countries are urging Israel to delay a full invasion of Gaza, which is reeling from almost three weeks of Israeli bombing triggered by a mass killing spree in southern Israel by Iranian-backed Hamas. reuters