There was a big futures loss for gold and silver on Thursday, as the U.S. dollar rose, along with a rise in Treasury yields by quantifying prices for precious metals.
A better-than-expected report on U.S. jobless welfare claims that slipped to its lowest level since November among COVID pandemics, did little to help buy out in metals.
Gold future for April GC00 delivery,
GCJ21,
down $ 24.60, or 1.3%, at $ 1,810.50 an ounce, putting the yellow metal at a distance for its lowest resolution since around the end of November, early December, FactSet data shows.
Cash future for March SI00 delivery,
SIH21,
they were down 34 cents, or 1.3%, at $ 26.55 an ounce, following a 1.8% rise on Wednesday, following a more than 10% decline for futures on Tuesday.
Weekly jobless benefit claims showed that the number of people applying for unemployment benefits fell at the end of January for the third straight week to a nine-week level, suggesting that employment is slowly rising. -again as a higher wave of coronavirus cases declines.
Meanwhile, commodity sellers are watching movements in bonds and currencies after the Bank of England on Thursday said it was time to start preparing for negative interest rates.
The dollar as measured by the US ICE DXY Dollar Index,
went up 0.2% and a 10-year TMUBMUSD10Y Finance note,
it went up 1.14%.
Strength in the dollar and rising bond yields can take away from buying in gold, which does not offer a coupon and is usually priced in dollars.