Gold Prices and Gold Futures Prices

The dollar index (DXY00) on Thursday fell by -0.23%.聽 Reduced global banking concerns Thursday fueled a rally in stocks that curbed the liquidity demand for the dollar.聽 Also, Thursday鈥檚 action by the ECB to raise interest rates by 50 bp instead of 25 bp supported the euro and undercut the dollar.

Thursday鈥檚 U.S. economic news was mixed for the dollar.聽 On the bearish side, the Mar Philadelphia Fed business outlook survey rose +1.1 to -23.2, weaker than expectations of -15.0.聽 Also, the Feb import price index ex-petroleum unexpectedly fell -0.4% m/m, the biggest decline in 7 months and weaker than expectations of an increase of +0.1% m/m, which was a dovish factor for Fed policy.

On the bullish side, weekly initial unemployment claims fell -20,000 to 192,000, showing a stronger labor market than expectations of 205,000.聽 Also, Feb housing starts rose +9.8% m/m to a 5-month high of 1.450 million, stronger than expectations of 1.310 million.聽 In addition, Feb building perm... Read more