Investing.com - Gold prices extended a modest recovery on Thursday, against a backdrop of mixed U.S. data and a stock market consolidating near record highs.
At 9:12 AM ET (13:12 GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange, was little changed at $1,278.95 a troy ounce.
Gold is now up nearly 1% from the new low for 2019 that it hit earlier this week. However, momentum remains limited, as a string of healthy earnings reports from the U.S. keeps risk appetite well fed.
“Gold is taking record U.S. stocks and strong dollar pretty well,” Ole Hansen, head of commodity strategy at SaxoBank, said. “The momentum selling below $1,275 has so far failed to emerge leaving recently established shorts exposed on a potential break back above $1,281.”
Golds lack of movement on Thursday reflected opposing moves in U.S. equities. Dow futures were generally lower, while positive earnings from Facebook (NASDAQ:FB) and Microsoft (NASDAQ:MSFT) buoyed risk sentiment in tech.
After an initial knee-jerk reaction, gold and other financial markets brushed off Thursday’s economic data.
U.S. durable goods orders registered their best gain in eight months in March, underlining the recent role of the U.S. as an economic pillar of strength ahead of first quarter growth data out on Friday.
However, the labor market weakened a touch, according to weekly jobless claims. Americans filing for employment benefits increased by the most in 19 months last week. However, that is a rebound from their lowest level since 1969, posted last week
In other metals trading, silver futures lost 0.2% to $14.893 a troy ounce by 9:13 AM ET (13:13 GMT).
Palladium futures slipped 0.2% to $1,402.65 an ounce, while sister metal platinum traded down 0.8% at $881.80.
In base metals, copper fell 1.1% to $2.877 a pound.