(MENAFN- Baystreet) Gold prices climbed over 1% on Thursday after fresh data from the U.S. Labor Department indicated that the number of Americans filing new unemployment claims rose more than expected last week, buttressing bets of a rate cut by the Federal Reserve this year.
Spot gold rose 1.14% to $2,335.04 per ounce. U.S. gold futures for June delivery settled 0.8% higher, at $2,340.3 per ounce.
Initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the Labor Department reported on Thursday, compared to 215,000 claims that economists polled by Reuters had forecast in the latest week.
Experts also noted that the dollar slipped about 0.3% against its rivals to $105.27 after the jobs report, making gold less expensive for other currency holders.
The latest data indicates a slight weakening in the jobs market, bolstering expectations that the Fed's interest-rate cuts may happen sooner than previously expected, which supports markets like gold and silver.
Spot silver climbed 3.09%, to $28.19 U.S. per ounce, and spot platinum gained 1.11%, to $982.56 U,S. per ounce. Spot Palladium rose 1.8%, to $968.48 U.S. per ounce.
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